SharpLink Shares Surge 26% Amid Growing Ether Treasury Surpassing 200K ETH

SharpLink Gaming Shares Surge as Ether Holdings Top 205,000 ETH and New Transparency Metric Launched

SharpLink Gaming (SBET) saw its stock climb as much as 26% after announcing a significant boost to its corporate ether treasury, underscoring the company’s commitment to ETH as a strategic balance sheet asset.

The Minneapolis-based online gaming firm disclosed the purchase of an additional 7,689 ETH, spending roughly $19.2 million at an average price of $2,501 per coin. This latest acquisition lifts SharpLink’s total ether reserves to 205,634 ETH. As of publication, ether was trading around $2,591.

Shares of SharpLink soared to a high of $15.93 following the news, the strongest level since June 12’s peak of $37.18. The stock later eased to trade around $14.55.

The company also recently completed a $64 million capital raise via an at-the-market equity offering. SharpLink has earmarked $37.2 million from that raise to fund further ether acquisitions in the coming weeks.

SharpLink’s crypto strategy includes staking or restaking all of its ether holdings to generate yield. Since launching this initiative on June 2, the company has earned 322 ETH in rewards, valued at about $2.1 million.

In an effort to increase transparency for investors, SharpLink introduced a new measure called “ETH Concentration.” This metric reflects the number of ether coins held per 1,000 diluted shares outstanding, which has grown from 2.00 ETH to 2.37 ETH over the past three weeks.

The move aligns with a broader trend of companies adding ether to their balance sheets. On Monday, Bit Digital (BTBT) shares jumped 18% after revealing it had converted its bitcoin holdings to ether.