SharpLink’s quest for 1 million Ethereum boosted by $3 million staking yield

SharpLink has generated approximately $3 million in rewards from staking its 438,190 Ethereum holdings, according to a company update released on July 29.

According to the firm, it has leveraged staking rewards and equity issuance to expand its ETH treasury during the past week. To date, the company has earned 722 ETH, worth around $2.7 million, through staking activities alone.

Last week, the firm also acquired 77,210 ETH, valued at about $295 million, for its reserve.

This has helped push the Ethereum-focused firm to now hold 438,190 ETH, placing the total value of its reserves at roughly $1.687 billion based on the current market price of $3,849 per ETH.

The company revealed that it has moved 44% closer to its long-term goal of acquiring one million ETH.

Meanwhile, SharpLink’s Ethereum holdings are also generating a sizable unrealized gain.

The company currently sits on an estimated $400 million in unrealized profit as a result of its dollar-cost-averaging strategy.

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