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Ethereum (ETH) can’t maintain its $3.7K support level, despite SharpLink Gaming (SBET) announcing last week that it acquired over 83,000 ETH. Instead of reacting positively to the buying pressure from corporate entities, Ethereum’s movement closely mirrors a record daily outflow of $465 million from US spot ETH exchange-traded funds.

 

SharpLink Gaming, an Ethereum treasury and esports marketing company, purchased 83,561 ETH, bringing its total holdings to 521,939 ETH as of August 3.

The company announced that it raised $264.05 million during this period through its at-the-market (ATM) facility before an acquisition.

SharpLink adopted an Ethereum treasury strategy in May following a private placement of $425 million. Since then, it has applied to the Securities and Exchange Commission (SEC) to increase the size of its ATM facility to $6 billion,  to expand its Ethereum holdings.

Almost all of SharpLink’s holdings are staked, and since launching its treasury in June, the total staking rewards have increased to 929 ETH. SharpLink’s 521,939 ETH holdings position it behind BitMine (BMNR), which is backed by Peter Thiel, on the list of publicly traded companies creating treasury vehicles for the leading altcoin.

BitMine revealed its holdings of over 833,100 ETH, with two major shareholders being Cathie Wood’s ARK Invest and Bill Miller. As a result, total ETH treasury vehicle holdings have surpassed 10.9 million ETH.