SharpLink Gaming’s share price has increased by more than 7% due to its decision to expand its Ethereum holdings to 188,000 Ether.
SharpLink Gaming’s shares closed Tuesday trading at a 7% increase following the company’s $30 million increase in Ether holdings.
SharpLink announced on Tuesday that it acquired 12,207 Ether at an average price of $2,513 each during the week ending on Friday, June 20. The company currently possesses over 188,000 ETH, which is valued at $457.4 million.
SharpLink reported that it sold 2.54 million shares to raise $27.7 million. The majority of the proceeds were allocated to the company’s ETH investment.
It further stated that it had staked all of its ETH holdings as of Friday, generating 120 ETH valued at $293,000.
Joseph Lubin, the board chairman of SharpLink and a co-founder of Ethereum, stated that the company’s stockholders would derive “long-term value” from increased Ethereum holdings.
Lubin was designated as the chair of SharpLink’s board of directors in May after the company raised $425 million for its ETH buying plan.
SharpLink became a publicly traded company with the most extensive ETH holdings on June 13 after acquiring $463 million in ETH.
Increases in stock prices
By the conclusion of Tuesday’s trading session, SharpLink (SBET) shares had increased by over 7% to $9.66. Additionally, the stock experienced a 1.14% increase following the bell and concluded the after-hours session at $9.77, as indicated by Google Finance.
Sharplink shares after latest ETH purchase | Source: Google Finance
The company experienced a 24% year-over-year decrease in net revenue and a precipitous 110% decline in net profit margin during the quarter ending March 2025.
Institutions are migrating to ETH.
In recent weeks, there has been an increase in the demand for ETH among institutions.
Large Ether holders initiated leveraged long positions on the cryptocurrency on Monday despite the market volatility caused by the Israel-Iran war. A solitary whale initiated a long position worth $101 million with a 25x leverage.
The ETH holding of another whale has now surpassed $300 million, as they accumulated $39 million in ETH on Sunday.
It was reported last week that over 35 million Ether tokens have been staked, which equates to over 28% of the total supply of ETH being held in smart contracts to earn staking rewards.
