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# SharpLink Gaming Reclaims Crown as Top Public Ethereum Holder with Milestone Purchase

SharpLink Gaming has regained its position as the largest publicly traded Ethereum (ETH) holder globally after executing a monumental cryptocurrency acquisition. As reported by Cryptopolitan on the 22nd (local time), the company completed a major Ethereum purchase, cementing itself as the leading corporate entity in ETH holdings worldwide.

# SharpLink Acquires 79,949 ETH, Worth $1.3 Billion

SharpLink Gaming made waves on Tuesday by acquiring 79,949 Ethereum, propelling its total reserves to 360,807 ETH. Based on current market prices, this equates to an astounding valuation of $1.3 billion. The company disclosed that the average purchase price per coin stood at $3,238, amounting to a total investment of approximately $258.9 million (around KRW 357.6 billion).

This acquisition followed another strategic move on Monday, during which the company purchased Ethereum worth $49 million. CoinGecko data confirms that both acquisitions have solidified SharpLink’s reserves at 360,807 ETH.

# SharpLink Outpaces Close Competitor BitMine Immersion Technologies

This bold acquisition thrusts SharpLink Gaming back into the top spot among publicly traded Ethereum-focused companies, overtaking its main competitor, BitMine Immersion Technologies. The race intensified in June when BitMine announced a $250 million private funding round on June 30, which temporarily threatened SharpLink’s standing.

As of last Thursday, BitMine held a sizeable 300,657 ETH, valued at approximately $1 billion—exceeding SharpLink’s earlier total of 287,706 ETH. With its latest purchase, however, SharpLink has decisively outperformed its rival, securing the leadership position in ETH holdings.

# Ethereum Buying Strategies Echo MicroStrategy’s Bitcoin Playbook

SharpLink’s ongoing battle with BitMine for Ethereum dominance has captured significant investor attention, drawing parallels to MicroStrategy’s renowned Bitcoin (BTC) acquisition strategy. Both companies have seen their stock prices surge as investors rally around their aggressive approaches to cryptocurrency hoarding.

# ARK Invest Bets Big on BitMine with $175 Million Stake

In a related development, ARK Invest made headlines on Monday by purchasing 4.4 million shares of BitMine (BMNR) for an estimated $175 million. This high-profile move follows news that billionaire investor Peter Thiel recently acquired 5.09 million shares, representing a 9% stake in the company.

Despite reporting soaring investments, BitMine’s stock has experienced significant volatility. In July, BMNR skyrocketed more than 700%, peaking at over $140 on July 3 before settling at $39.60 by Monday's close. Meanwhile, SharpLink’s stock (ticker: SBET) has rallied approximately 130% in the same timeframe, trading at $26 as of Monday’s market close.

# Public Companies Driving Institutional Ethereum Adoption

The ongoing rivalry between SharpLink and BitMine underscores an evolving trend of institutional investment in Ethereum. Investors and analysts alike continue to monitor these developments closely, as they signal a broader acceptance of and integration into the Ethereum ecosystem within corporate strategies.

The high-stakes battle for crypto supremacy among public companies marks a pivotal moment in the adoption of blockchain technologies across industries globally.

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