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SharpLink Stock Soars After Expanding Ethereum Holdings
SharpLink– Shares in SharpLink Gaming (SBET) surged over 28% on Tuesday following the company’s announcement of additional Ether purchases, bringing its total holdings to 205,634 ETH—valued at more than $533 million at the time of the report.
$19M in ETH Bought During Latest Accumulation Phase
SharpLink revealed that it acquired 7,689 ETH between June 28 and July 4, spending over $19 million at an average price of $2,501. This move followed a previous Ether acquisition on June 25, where the stock jumped 7% after the company bought $30 million worth of ETH, raising its holdings to 188,000 ETH.
On Tuesday, the company’s shares closed at $16.29, up 28.6%, and continued to rise 4.36% in after-hours trading to $17.
Company Ramps Up Capital for Ether Strategy
During the same period, SharpLink raised $64 million by selling more than 5.4 million shares, with the majority of proceeds earmarked for future ETH acquisitions. The company previously disclosed on May 30 its intention to sell up to $1 billion in shares, aiming to reinforce its Ethereum-focused treasury strategy announced on May 27.
While the company’s stock experienced a significant 73% after-hours decline on June 12 due to confusion around a regulatory filing, investor confidence appears to have rebounded.
Full Commitment to ETH Staking and Transparency
SharpLink stated that 100% of its Ether holdings are committed to staking and restaking, which has generated 322 ETH in rewards (worth approximately $848,750) since June 2.
To enhance transparency, the company introduced a new metric called ETH Concentration, reflecting its Ether exposure relative to its equity structure.
SharpLink chairman and Ethereum co-founder Joseph Lubin said the firm is “continuously refining our treasury strategy.”
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
