Shares of SharpLink Gaming soared more than 28% on Tuesday after the sports betting company revealed it had significantly increased its Ethereum holdings, now totaling 205,634 Ether valued at over $533 million.
The company announced it had purchased 7,689 Ether between June 28 and July 4, spending over $19 million at an average price of $2,501 per token, further bolstering its crypto treasury.
Following the news, SharpLink (SBET) shares surged 28.6% to close at $16.29, with an additional 4.36% gain in after-hours trading, reaching $17.
On June 25, SharpLink’s stock rallied 7% to trade at $9.66 after it announced a $30 million Ether buy that raised its total holdings to 188,000.
SharpLink Secures Additional Funds for Ethereum Purchases
During the same period it was acquiring Ether, SharpLink announced it had raised $64 million in net proceeds through the sale of over 5.4 million shares. The company stated that a “large portion of this capital” is expected to be deployed soon for additional Ethereum purchases.
On May 30, SharpLink announced plans to sell up to $1 billion in common shares, with the majority of the proceeds earmarked for Ethereum acquisitions. The move came just days after the company revealed a shift toward an Ethereum-focused treasury strategy on May 27.
SharpLink shares tumbled approximately 73% in after-hours trading on June 12, following confusion over a regulatory filing that registered 58.7 million shares for potential resale.
SharpLink Allocates 100% of Ethereum Holdings to Staking
SharpLink has fully committed its Ethereum holdings to staking and restaking, the company announced, generating 322 Ether in rewards since June 2—currently valued at approximately $848,750.
The firm also introduced a new metric called ETH Concentration, aimed at measuring its Ethereum exposure in relation to its equity structure.
Chairman and Ethereum co-founder Joseph Lubin stated that SharpLink is “continuously refining our treasury strategy.”
“Our sustained success is a direct result of SharpLink’s disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational transparency,” he added.
Companies Increasingly Pivot Toward Crypto Acquisitions
While many companies continue to stockpile Bitcoin for their corporate treasuries, a growing number are shifting focus to altcoins.
On Monday, digital asset firm Bit Digital announced a strategic pivot from Bitcoin to Ethereum, selling 280 BTC to expand its Ether holdings.
At the same time, Chinese microchip maker Nano Labs launched an ambitious plan to hold up to 10% of BNB’s total circulating supply, beginning with a $50 million purchase on July 3.
