It’s been a rocky June for the most popular publicly-traded Ethereum treasury company — but this week is looking up. Shares in Sharplink Gaming surged 45% on Monday.
On Friday, we flagged the love that the stock received in a new note issued by Fundstrat — noting that the premium to the ETH the company holds had fallen to just 1.6x its net-asset value. That compares favorably to the 1.9x premium that Saylor’s Bitcoin-levered company Strategy trades at.
“We believe [$SBET] offers intriguing upside at these prices,” wrote Fundstrat’s Sean Farrell. The 45% pop since the note came out seems to be proving that analysis correct. But if you believe ETH is just getting started, Sharplink looks like it still has room to run.
Interestingly, the ETH-BTC chart shows ETH has continued to defying its downtrend. Perhaps the break higher is really here.
Still, Sharplink has been a volatile play as the market figures out how to price the company now being led by Ethereum co-founder Joe Lubin. Shares rocketed 2,000% higher to close out May when the marketing partner to sportsbooks and online casino gaming operators announced a $425 private investment round led by Lubin’s ConsenSys. Prominent crypto investors including Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere, Primitive Ventures, and Republic Digital participated as well.
Last week, shares got hammered and fell 70% after the company filed to register PIPE shares and pre-funded warrants with the SEC, enabling resale by investors. As Fundstrat noted, “registration of PIPE shares simply allows investors to sell but is not an indication of an intention to sell.”
Lubin also took to X last week to assuage investor fears, saying “Some are misinterpreting SBET’s S-3 filing…” In a follow up tweet that referenced Coinage’s reporting, Lubin noted that institutional investors will come to appreciate what Ethereum offers with DeFi.
“Wall Street will care about consistent ‘number go up’ in instruments they can access, analyze and invest in. They will be motivated to deep dive and learn what’s up with these strategies,” he said. “They will have to deeply understand the details of Bitcoin and Ethereum and the strategies of MSTR and SBET. They will have do go deep on DeFi on Ethereum.”
Ethereum Treasury Company SharpLink Gaming Surges 45% as ETH Leads Rally first appeared on TheStreet on Jun 18, 2025
