SharpLink Gaming Soars 28% After Ethereum Stash Surpasses $533M

by

In a move that might have even the most stony-faced investors raising an eyebrow, SharpLink Gaming’s shares surged a mind-blowing 28% on Tuesday after the sports betting giant declared that its Ethereum holdings had skyrocketed to a princely 205,634 Ether, a staggering $533 million worth of digital fortune. Can you hear the sound of clinking coins? No? Well, you should.

From June 28 to July 4, the company embarked on an Ether shopping spree, gobbling up 7,689 Ether for a cool $19 million at an average price of $2,501. The treasury is now looking rather healthy, thank you very much.

As news of the announcement spread, SharpLink’s shares (SBET) leapt nearly 28.6% on Tuesday, closing at a neat $16.29. And because we all know the stock market loves a good after-party, the shares continued their merry ascent, gaining another 4.36% after-hours, reaching $17. Oh, the sweet, sweet sound of profit!

Just a few days earlier, on June 25, the company’s stock had a lovely 7% bump, climbing to $9.66, after it made a $30 million Ether acquisition, which brought its total holdings to 188,000. Yes, the Ether enthusiasm is real.

SharpLink Raises More Money for Its Crypto Frenzy

But wait, there’s more! As part of the ever-expanding Ether empire, SharpLink announced that it raised a neat $64 million in net proceeds by selling over 5.4 million shares. The goal? To scoop up even more Ether, of course. A “large portion” of this capital will be spent in the not-so-distant future, because who doesn’t love the thrill of a good Ether splurge?

Earlier in May, the company revealed plans to sell up to $1 billion in common shares to fund its glorious Ether acquisition spree. Oh, and they casually hinted that their treasury strategy was taking a decidedly Ethereum-centered turn. Not a surprise—clearly, they’re all in on this crypto revolution.

However, the journey hasn’t been entirely smooth sailing. On June 12, SharpLink’s stock took a little tumble, diving about 73% in after-hours trading, due to some confusion around the announcement of a regulatory filing involving 58.7 million shares for potential resale. Oops, my bad!

SharpLink Commits All ETH to Staking (Because Why Not?)

Never one to shy away from commitment, SharpLink has pledged 100% of its Ether holdings to staking and restaking. Since June 2, this bold move has earned the company a delightful 322 Ether in rewards—currently worth a cool $848,750. That’s what we call staking with confidence, folks.

And to keep us all on our toes, SharpLink has introduced something called ETH Concentration, which essentially tracks the company’s exposure to Ether in relation to its equity structure. The more you know, right?

Joseph Lubin, SharpLink’s chairman and Ethereum co-founder, remarked, “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.” Well, we certainly don’t need to ask twice about their confidence in this strategy!

Corporate Shifts to Crypto: A Trend to Watch

It seems SharpLink isn’t the only company jumping on the crypto bandwagon. While many companies have been busy accumulating Bitcoin for their corporate treasuries, a few brave souls have gone all-in on altcoins, and Ether is the favorite. Take Bit Digital, for example: this digital asset company shifted its corporate strategy from Bitcoin to Ether on Monday, parting with 280 BTC to bolster its Ether stash. There’s no stopping this crypto frenzy!

Meanwhile, Chinese microchip firm Nano Labs also decided to throw some serious weight behind the crypto trend, announcing its plan to hold up to 10% of the total circulating supply of BNB (that’s $50 million worth of BNB, in case you missed it). The future of digital assets? Looking pretty bright, if you ask me.

Read More

2025-07-09 09:45