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Ethereum Surpasses Expectations as MicroStrategy's Latest Purchase Fuels Institutional Interest

SharpLink Gaming has recently made headlines in the crypto space with its substantial acquisition of Ethereum (ETH).

The Nasdaq-listed company purchased 74,656 ETH for approximately $213 million between July 7 and 13, at an average price of $2,852 per coin.

This latest purchase has propelled SharpLink's total holdings to around 280,706 ETH, making it the largest institutional holder of Ethereum, surpassing even the Ethereum Foundation itself.

For context, the Ethereum Foundation currently holds 196,354 ETH, valued at approximately $591 million.

In a strategic move, SharpLink also acquired 10,000 ETH directly from the Foundation last week.

Since designating Ethereum as its primary treasury reserve asset, SharpLink has staked 99.7% of its ETH holdings, earning about 415 ETH in rewards, including 94 ETH last week.

This aggressive accumulation strategy follows a similar path as that of leading Bitcoin bulls, highlighting the growing institutional interest in Ethereum.

Since June 13, SharpLink's ETH concentration has increased by around 23%, underscoring the company's commitment to this digital asset.

With these developments, SharpLink Gaming is setting a significant precedent for institutional engagement in the Ethereum ecosystem.

As the largest corporate holder of Ethereum, SharpLink continues to demonstrate the shifting landscape of crypto investments towards institutional adoption.