SharpLink Gaming (SBET), the publicly traded digital asset treasury company led by Ethereum co-founder Joseph Lubin, reported its first ether purchases since late August, acquiring more than $75 million in tokens.
The company raised $76.5 million last week through a direct stock offering and used the proceeds to purchase 19,271 ETH at an average price of $3,892, according to the press release. The company now holds 859,853 ETH, worth approximately $3.5 billion combined with its reserve of $36.4 million in cash and equivalents.
Sharplink shares traded steady at around $14.70 following the news, down 66% from July highs and nearly 90% below their May peak after announcing its crypto pivot.
The acquisition follows a dire period for corporate crypto treasuries, which are seeking to accumulate digital assets by raising capital through the sale of equity and debt. Many of these once-excited companies are now seeing their stock prices fall far below the value of the crypto assets they hold, limiting their ability to fund their cryptocurrency acquisition strategy.
SharpLink last month bought back its common stock after its shares fell below the net asset value of its ETH and cash reserves. The last ETH purchase that the company revealed occurred in the last week of August, acquiring just over 39,000 tokens. The company also earned 5,671 ETH, about $22 million at current prices, by staking its holdings since June.
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