SharpLink Gaming adds another $73 million worth of ETH via Coinbase Prime: Arkham

Nasdaq-listed SharpLink Gaming (SBET) acquired an additional 24,371 ETH on Monday, accelerating its ether accumulation strategy as the crypto market extends its bull run.

According to data from Arkham Intelligence, Ethereum worth $73.25 million was transferred from a hot wallet on Coinbase Prime to SharpLink Gaming's address. 

The hot wallet's transfer records on the data platform show active transaction activity with Coinbase Prime deposits and other crypto addresses, involving Ether, Shiba Inu, and Uniswap (UNI).

Monday's Ether acquisition follows two recent purchases: 16,374 ETH on Sunday and 21,487 ETH on Friday evening. In total, SharpLink has added 62,232 ETH over the past four days, valued at around $186.4 million based on current market prices.

SharpLink did not immediately respond to The Block's request for confirmation of the ETH purchase and its current ETH holdings.

Originally a Minneapolis-based affiliate-marketing and iGaming software firm, SharpLink began its Ethereum treasury strategy in late May alongside a $425 million private placement led by crypto infrastructure developer Consensys. Joseph Lubin, Consensys CEO and Ethereum co-founder, became chairman of SharpLink.

SharpLink has so far accumulated around 294,000 ETH to date and has staked 74,464 ETH, EmberCN reported citing onchain data.

According to The Block's Ethereum price page, ether rose 0.9% in the past 24 hours to $2,970. The cryptocurrency briefly traded above $3,000 earlier on Monday, marking its first time above that level since Feb. 1. SharpLink's stock closed up 10.3% at $23.88 on Monday, up 78% in the past month, according to Google Finance data.