SharpLink Gaming Rallies 28% On $19M Ethereum Buying Spree

Shares in SharpLink Gaming closed Tuesday trading up over 28% after the sports betting company said it made a series of Ether buys to bring its holdings to 205,634 Ether, worth over $533 million.

SharpLink said on Tuesday that in a buying spree from June 28 to July 4, it acquired 7,689 Ether (ETH) for over $19 million at an average price of $2,501, adding to its growing treasury.

Shares in SharpLink (SBET) jumped on the announcement and gained nearly 28.6% on Tuesday to close trading at $16.29 and continued to rise 4.36% after-hours to $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 raises more money for ETH buys

During the same period it was buying Ether, Sharplink said it raised $64 million in net proceeds by selling over 5.4 million shares that would be used to buy more Ether, with a “large portion of this capital” expected to be used soon.

On May 30, Sharplink said it plans to sell up to $1 billion in common shares, with most of the proceeds intended to acquire Ether, just days after it signaled a shift toward an Ethereum-focused treasury strategy on May 27.

SharpLink shares plunged by about 73% in after‑hours trading on June 12 due to a misunderstanding around the announcement of a regulatory filing registering 58.7 million shares for potential resale.

SharpLink commits 100% of ETH to staking

SharpLink has committed all of its Ether holdings to staking and restaking, the firm said, earning a total of 322 Ether in rewards since June 2, currently worth around $848,750.

It has also launched a metric known as ETH Concentration, designed to show the company’s Ether exposure relative to its equity structure.

SharpLink’s chairman and Ethereum co-founder, Joseph Lubin, said the company was “continuously refining our treasury strategy.”

Related: SharpLink buys $463M in ETH, becomes largest public ETH holder

“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.

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