SharpLink rakes in 509 ETH in weekly staking rewards
TL;DR Breakdown
- SharpLink Gaming earned 509 ETH in staking rewards last week.
- It holds an unrealized profit of $480M, ranking as the second-largest corporate ETH holder.
- BitMine Immersion Technologies now controls 2.4M ETH ($11.4B), over 2% of supply.
SharpLink Gaming Inc. on Tuesday announced that it generated 509 ETH in staking rewards last week. This brings its cumulative yield to hit 3,749 ETH since it launched its Ethereum treasury strategy on June 2.
The Nasdaq-listed firm had stated its entire ETH treasury is fully staked. The firm backed by Ethereum co-founder Joseph Lubin is creating what it calls a “strong position to generate consistent revenue every day.” SharpLink has paused new ETH purchases and buybacks for now. This leaves its holdings unchanged at 838,152 ETH (approx worth $3.86 billion).
SharpLink Posts $480M Unrealized Profit
SharpLink’s staking rewards come in when the Ether price has posted a dip of 12% in the past 30 days. However, it fell by more than 7% in the past 7 days. It is trading at an average price of $4,170 at the press time. Its 24-hour trading volume dropped by 44% to stand $33 billion.
The company disclosed an unrealized profit of roughly $480 million on its Ethereum stack, acquired for $3.02 billion. SharpLink ranks as the world’s second-largest corporate Ethereum holder, trailing only Tom Lee-backed BitMine Immersion Technologies, which holds about $10 billion.
The update follows SharpLink’s August 14 earnings, where it reported a quarterly loss of $0.64 per share on $700,000 in revenue. The stock rose about 1% in premarket trading on Tuesday, tracking a modest rebound in Ethereum to around $4,200 after a sharp market-wide selloff last week.
ETH has fallen more than 7.5% this week amid de-risking across digital assets. Market analyst Michaël van de Poppe said Ethereum could consolidate sideways, with support emerging between $3,550 and $3,750 near its 20-week moving average.
BitMine Controls 2% of Ethereum,
BitMine Immersion Technologies Inc. (BMNR) announced that it now holds more than 2% of the total ether supply. This establishes its position as the world’s largest public ETH holder.
The company disclosed a treasury of 2,416,054 ETH worth $11.4 billion as of Sept. 21. It also mentioned $345 million in cash and a $175 million equity stake in Eightco Holdings. BitMine said it ranks as the second-largest crypto treasury overall, behind only Michael Saylor’s MicroStrategy Inc.
A few hours after unveiling its updated holdings, BitMine announced a securities purchase agreement with an institutional investor for 5.2 million shares of common stock at $70 apiece. The deal also includes warrants for up to 10.4 million additional shares at $87.50.
