SharpLink Gaming Rallies 26% on News Its Ether Reserves Have Topped 200K ETH

SharpLink Gaming Rallies as Ether Holdings Exceed 205,000 ETH, Unveils New Transparency Metric

SharpLink Gaming (SBET) saw its shares jump as much as 26% after the online gaming firm revealed it had significantly increased its ether (ETH) reserves, underscoring its strategy to integrate ETH as a key corporate asset.

The Minneapolis-based company disclosed purchasing an additional 7,689 ETH for about $19.2 million, at an average price of $2,501 per token. This brings SharpLink’s total ether holdings to 205,634 ETH. As of press time, ETH was trading at roughly $2,591.

The news propelled SharpLink’s stock to an intraday high of $15.93—the strongest level since reaching $37.18 on June 12—before moderating to trade near $14.55.

Recently, SharpLink raised $64 million via an at-the-market equity offering, setting aside $37.2 million of the funds for further ether acquisitions in the near future.

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

To enhance transparency for investors, SharpLink introduced a new metric called “ETH Concentration,” which measures how many ether tokens are held per 1,000 diluted shares outstanding. That figure has risen to 2.37 ETH, up from 2.00 ETH in just three weeks.

SharpLink joins a growing list of companies embracing ether as part of their treasury strategies. On Monday, shares of Bit Digital (BTBT) surged 18% after it announced converting its bitcoin holdings into ether.