SharpLink Gaming has significantly increased its Ethereum holdings by purchasing $176 million worth of ETH last week. The firm now holds a total of 837,230 ETH, which is valued at nearly $3.6 billion. This acquisition consists of 39,008 ETH bought at an average price of approximately $4,531 between August 25 and August 31. Since shifting its focus to accumulating Ethereum in May, SharpLink has adopted a strategy similar to that of MicroStrategy, opting for ETH instead of Bitcoin. The company has raised $46.6 million through an Automated Teller Machine (ATM) facility to support this investment strategy. SharpLink's stock, listed on Nasdaq, surged over 400% since mid-May and was trading at $16.89 on Tuesday, although it saw a decline of over 5% that day. Despite initial optimism about reaching a one million ETH target by mid-September, market sentiment has shifted, with only 30% of traders now believing that SharpLink will achieve this goal. Amidst a generally static crypto market, ETH has recently seen fluctuations but has risen more than 23% over the past month.

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