SharpLink Gaming (SBET), the publicly traded digital asset tax company led by Ethereum co-founder Joseph Lubin, reported its first ether purchases since the end of August and acquired tokens worth over $75 million.
The firm raised $76.5 million last week via a direct stock offering and used the proceeds to buy 19,271 ETH at an average price of $3,892, according to the press release. The company now has 859,853 ETH, worth about $3.5 billion combined with its $36.4 million holdings in cash and equivalents.
Sharplink’s stock traded unchanged at about $14.70 after the news, down about 66% since its July highs and nearly 90% below its peak in May 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 by selling equity and debt. After riding high on hype, many of these companies are now seeing their stock prices fall well below the value of the crypto assets they hold, limiting their ability to fund their crypto acquisition strategy.
SharpLink last month bought back its common stock after the stock fell below the intrinsic value of its ETH and cash reserves. The last ETH purchase disclosed by the company took place in the last week of August, acquiring a little more than 39,000 tokens. The firm also earned 5,671 ETH, about $22 million in current prices, by staking its holdings since June.
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