SharpLink Gaming (SBET) Stock: Gaming Company Stock Soars 28% After Major Ethereum Purchase

TLDR

Table of Contents

SharpLink Gaming (SBET) stock jumped 28% after buying 7,689 ETH for $19.2 million, bringing total holdings to 205,634 ETH worth $533 million
The company raised $64 million through share sales to fund more Ethereum purchases as part of its ETH-focused treasury strategy
All ETH holdings are staked or restaked, earning 322 ETH in rewards since June 2, worth around $848,750
SharpLink introduced ETH Concentration metric showing 2.37 ETH per 1,000 diluted shares, up from 2.00 three weeks ago
The gaming company plans to use $37.2 million from recent share sale to buy more ETH in coming days

SharpLink Gaming shares closed Tuesday up 28.6% at $16.29 after the sports betting company announced its latest Ethereum buying spree. The stock continued climbing 4.36% in after-hours trading to $17.

The Minneapolis-based online gaming firm spent $19.2 million buying 7,689 ETH between June 28 and July 4. The company paid an average price of $2,501 per coin during this period.

This latest purchase brings SharpLink’s total Ethereum holdings to 205,634 ETH. At current prices, this stash is worth over $533 million.

NEW: SharpLink now holds ~205,634 ETH
Between June 28 and July 4, SharpLink acquired ~7,689 ETH for ~$19.2M at an average price of ~$2,501 per ETH
During that same period, the company raised an additional ~$64.2M through its ATM facility, selling ~5.4M shares
SharpLink has… pic.twitter.com/bhS0K1ZBul
— SBET (SharpLink Gaming) (@SharpLinkGaming) July 8, 2025

The company has been aggressively building its crypto treasury since May. On June 25, shares rallied 7% to $9.66 after announcing a $30 million ETH purchase that raised holdings to 188,000.

SharpLink raised $64 million in net proceeds by selling over 5.4 million shares during the same period it was buying Ethereum. The company plans to use $37.2 million of this capital to purchase more ETH in the coming days.

Treasury Strategy Shift

The company announced its shift toward an Ethereum-focused treasury strategy on May 27. Three days later, SharpLink said it plans to sell up to $1 billion in common shares with most proceeds intended to acquire more ETH.

This treasury pivot hasn’t been without volatility. Shares plunged 73% in after-hours trading on June 12 due to confusion around a regulatory filing for 58.7 million shares for potential resale.

SharpLink has committed all of its Ethereum holdings to staking and restaking protocols. The company has earned 322 ETH in rewards since June 2, currently worth around $848,750.

New Tracking Metric

To help shareholders understand the company’s crypto exposure, SharpLink launched a new metric called ETH Concentration. This measures the number of ETH held per 1,000 diluted shares outstanding.

The ETH Concentration figure has grown to 2.37 ETH from 2.00 in just three weeks. This shows how the company’s crypto holdings are growing relative to its share count.

SharpLink’s chairman and Ethereum co-founder Joseph Lubin said the company was “continuously refining our treasury strategy.” He called the approach a “disciplined execution of its ETH-centric treasury management strategy.”

Other companies are following similar paths. Digital asset company Bit Digital pivoted from Bitcoin to Ether on Monday, selling 280 Bitcoin to acquire more ETH. The move sent Bit Digital shares up 18%.

Chinese microchip firm Nano Labs also started its plan to hold up to 10% of BNB’s total circulating supply, buying $50 million worth on July 3.

SharpLink’s stock has seen wild swings this year as investors react to its crypto strategy announcements. The shares hit $37.18 on June 12 before the regulatory filing confusion sent them tumbling.

The company’s latest purchase came as ETH traded around $2,591 per coin. SharpLink paid slightly below market price during its buying window from late June to early July.

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