SharpLink Gaming shares surged nearly 26% on July 8 after the Minneapolis-based online gaming company revealed a major expansion of its crypto treasury, bringing its total Ethereum (ETH) holdings to over 200,000 coins.
The company announced it had purchased an additional 7,689 ETH for approximately $19.2 million at an average price of $2,501 per coin. The move boosted SharpLink’s total holdings to 205,634 ETH, now valued at around $533 million based on prevailing market prices.
The firm’s shares (NASDAQ: SBET) climbed to an intraday high of $15.93, marking the stock’s strongest performance since mid-June, before easing to trade around $14.55 later in the session.
The gaming and sports betting technology provider has been pursuing an aggressive strategy to convert a large portion of its corporate treasury into ether, aiming to position ETH as a core reserve asset for the company.
Last week, SharpLink raised $64 million through an at-the-market share sale, earmarking $37.2 million from the raise to acquire additional ETH in the coming days.
All of the company’s Ethereum holdings are currently staked or restaked in DeFi protocols to generate yield. Since implementing its ETH treasury program on June 2, SharpLink has earned 322 ETH in staking rewards, equivalent to approximately $2.1 million at current prices.
In a bid to increase transparency around its crypto strategy, the company introduced a new reporting metric called ETH Concentration. This figure measures the number of ETH held for every 1,000 diluted shares outstanding.
According to SharpLink, ETH Concentration has risen to 2.37 ETH, up from 2.00 ETH three weeks earlier, reflecting its rapid accumulation.
SharpLink’s treasury strategy mirrors a broader trend among technology companies pivoting toward digital asset reserves. On Monday, Bit Digital shares climbed 18% after the Bitcoin mining and staking firm announced it had exchanged its entire bitcoin holdings for ether, underscoring ETH’s growing appeal as an institutional treasury asset alongside bitcoin.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has seen renewed interest from corporate buyers following the approval of spot ether exchange-traded funds in the United States earlier this year, enhancing ETH’s profile as an investable and yield-generating digital asset.
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