SharpLink Gaming Rallies as Ether Treasury Tops 205,000 ETH, New Metric Introduced

Shares of SharpLink Gaming (SBET) jumped sharply after the online gaming company announced the acquisition of an additional 7,689 ether (ETH) for its corporate treasury, further solidifying its strategy to position ETH as the core of its balance sheet.

With this latest purchase, SharpLink’s total ether holdings have reached 205,634 ETH. The Minneapolis-based company said it spent approximately $19.2 million on the recent buy, paying an average price of $2,501 per ETH. As of press time, ETH was trading at around $2,591.

Following the announcement, SharpLink shares surged as much as 26% to a session high of $15.93, the highest level since hitting $37.18 on June 12, before settling near $14.55.

SharpLink also revealed it had raised $64 million last week via an at-the-market stock offering. Of that amount, $37.2 million has been allocated for additional ETH purchases in the near term.

All of the company’s ether holdings are either staked or restaked in yield-generating protocols. Since launching its staking initiative on June 2, SharpLink has earned 322 ETH in rewards, valued at roughly $2.1 million.

In a bid to improve transparency and provide shareholders with a clearer view of its crypto exposure, the company introduced a new metric called “ETH Concentration,” which measures the number of ether held per 1,000 diluted shares outstanding. That figure has risen to 2.37 ETH from 2.00 in just three weeks, the company reported.

SharpLink is part of a broader trend of companies embracing ether as a corporate asset. On Monday, shares of Bit Digital (BTBT) jumped 18% after announcing it had converted its bitcoin holdings into ether.