SharpLink is suspected of buying all of the $200 million it raised into ETH

According to on-chain analyst Yu Jin, a new wallet withdrew 52,809 ETH ($220 million) from Coinbase Prime 10 hours ago. The funds were then distributed to eight wallets for staking. One of these wallets is a known address for SharpLink (SBET). SharpLink raised $200 million through a stock sale last Friday, so it's likely that the funds were converted into ETH over the weekend. If this speculation is correct, SharpLink (SBET) currently holds 621,000 ETH, worth $2.65 billion. The average purchase price is approximately $3,226.