SharpLink Gaming shares surged 28.6% Tuesday, closing at $16.29, after the sports betting company reported purchases of 7,689 Ether (ETH) worth approximately $19 million during a period ending July 4. Cumulative holdings rose to 205,634 ETH, valued at over $533 million.
Shares continued climbing 4.36% to $17 in after-hours trading. Earlier action correlated with previously announced Ether accumulations; an announcement on June 25 regarding a $19 million purchase initially pushed shares 7% higher.
In parallel, SharpLink raised $64 million via a share sale, intending to acquire further Ether, with “a large portion” expected for immediate deployment. This follows a May 30 plan for up to $1 billion in share sales, primarily earmarked for crypto acquisitions.
SharpLink allocates its complete Ether portfolio to staking and restaking activities, generating $848,750 in rewards to date. The company has also introduced ETH Concentration as a metric measuring Ethereum exposure relative to equity.
Chairman Joseph Lubin emphasized “disciplined execution” of the company’s “ETH-centric treasury management strategy.”
Industry-wide Crypto Treasury Shift
SharpLink exemplifies a broader corporate trend transitioning treasury assets towards digital assets, following Bitcoin-focused initiatives. Analysts note its “complete” ETH allocation is notably concentrated.
Digital asset company Bit Digital recently sold 280 Bitcoin to acquire Eth, while Chinese chipmaker Nano Labs initiated purchases targeting 10% of BNB’s circulating supply for $50 million.
