SharpLink Gaming has transitioned into an Ethereum treasury company, becoming the largest corporate holder of Ethereum in the world, with plans to hold 1% of all Ethereum in circulation. The company recently purchased 10,000 Ethereum, now worth an estimated $36 million, and aims to build its treasury to 1 million tokens.

To achieve its Ethereum buying strategy, SharpLink raised $1 billion from investors and has been steadily buying more Ethereum, with plans to purchase $6 billion worth. The company currently holds over 280,000 tokens in its treasury, making it the largest corporate holder globally. If it reaches its goal of 1 million Ethereum, it would control almost 1% of all Ethereum in circulation.

SharpLink’s move to become an Ethereum treasury company is inspired by MicroStrategy’s success with Bitcoin, becoming the largest corporate holder and seeing a 3,715% surge in stock price over five years. With Ethereum co-founder Joe Lubin as chairman, SharpLink aims to replicate this success and is now up 370% for the year.

Despite initial success, SharpLink’s stock has dropped over 50% since May. The company faces challenges as a money-losing operation, with revenue down 24% year over year and net profit down 110%. Competition in the Ethereum treasury space is also growing, with other companies vying for the title of “the Strategy of Ethereum.”

Investors considering Ethereum should note that the Motley Fool Stock Advisor team did not include it in their list of 10 best stocks to buy now. The team’s picks have historically outperformed the market significantly, with returns of 1,055%. While Ethereum has potential, investors should consider the risks and competition in the market before investing.

Read more at Nasdaq: SharpLink Just Bought 10,000 Ethereum and Sent Its Stock Soaring. Here’s What Investors Need to Know.