The new ETH Whale Status is SharpLink Gaming after the company bought 176,271 ETH worth $463 million.
The company, whose shares are traded on Nasdaq, bought the crypto at the average price of 2,626 .
The move places it at the top of the list of publicly traded Ether holders, excluding those entities like the Ethereum Foundation and ETFs.
The ETH buy was financed using the private placements and equity offering.
However, over 95% of the coins are staked or under liquid staking to earn passive income.
SharpLink’s CEO Rob Phythian called it a “landmark moment” in their treasury strategy.
It is a sign of serious ETH adoption in the public markets, according to Chairman Joseph Lubin. He is also the co-founder of Ethereum.
This ETH Whale Status is a sign that even established businesses are considering crypto as a store of value.
Also, as a future revenue generator.
With Ethereum as the backbone of its financial reserves, SharpLink might have just created a solid precedent of institutional crypto treasury architectures.
