SharpLink Gaming has disclosed a significant unrealized gain on its substantial Ethereum (ETH) holdings.
The company confirmed it currently possesses a total of 358,000 ETH. This accumulated position was acquired at an average purchase price of $2,825 per ETH.
Based on current market valuations compared to its average acquisition cost, SharpLink Gaming reports an unrealized profit of approximately $260 million on its ETH portfolio.
A recent transaction included the purchase of an additional 4,904 ETH, valued at $17.45 million, which was executed through Coinbase Prime.
The company’s strategy of accumulating ETH over the long term and its substantial resulting paper profit has drawn comparisons to the investment approach pioneered by business intelligence firm MicroStrategy.