SharpLink Gaming Stock Leaps as Ether Holdings Cross 205,000 ETH and New Reporting Metric Debuts
Shares of SharpLink Gaming (SBET) surged by as much as 26% after the company announced it had added 7,689 ether (ETH) to its corporate treasury, reinforcing its commitment to ETH as a core asset on its balance sheet.
The Minneapolis-based online gaming company disclosed spending roughly $19.2 million on the recent purchase, paying an average price of $2,501 per ETH. With this latest buy, SharpLink’s total ether holdings have climbed to 205,634 ETH. As of Tuesday afternoon, ETH was trading around $2,591.
Following the news, SharpLink’s shares hit $15.93, marking their highest level since June 12’s peak of $37.18, before easing to about $14.55.
The company recently raised $64 million through an at-the-market equity offering, allocating $37.2 million of that sum for future ether acquisitions in the near term.
All of SharpLink’s ether holdings are either staked or restaked in yield-generating protocols. Since launching its staking strategy on June 2, the company has earned 322 ETH in rewards, valued at approximately $2.1 million.
In a move aimed at improving shareholder visibility, SharpLink unveiled a new metric called “ETH Concentration.” This figure tracks the number of ether held per 1,000 diluted shares outstanding, which has increased from 2.00 ETH to 2.37 ETH over the past three weeks.
SharpLink’s growing ether treasury echoes a wider trend of corporate adoption of ETH. On Monday, shares of Bit Digital (BTBT) rose 18% after the company announced it had converted its bitcoin holdings into ether.
