Shares in SharpLink Gaming closed Tuesday trading up over 28% after the sports betting company said it made a series of Ether buys to bring its holdings to 205,634 Ether, worth over $533 million.
SharpLink said on Tuesday that in a buying spree from June 28 to July 4, it acquired 7,689 Ether (ETH) for over $19 million at an average price of $2,501, adding to its growing treasury.
Shares in SharpLink (SBET) jumped on the announcement and gained nearly 28.6% on Tuesday to close trading at $16.29 and continued to rise 4.36% after-hours to $17.
On June 25, SharpLink’s stock rallied 7% to trade at $9.66 after it announced a $30 million Ether buy that raised its total holdings to 188,000.
SharpLink raises more money for ETH buys
During the same period it was buying Ether, Sharplink said it raised $64 million in net proceeds by selling over 5.4 million shares that would be used to buy more Ether, with a “large portion of this capital” expected to be used soon.
On May 30, Sharplink said it plans to sell up to $1 billion in common shares, with most of the proceeds intended to acquire Ether, just days after it signaled a shift toward an Ethereum-focused treasury strategy on May 27.
SharpLink shares plunged by about 73% in after‑hours trading on June 12 due to a misunderstanding around the announcement of a regulatory filing registering 58.7 million shares for potential resale.
SharpLink commits 100% of ETH to staking
SharpLink has committed all of its Ether holdings to staking and restaking, the firm said, earning a total of 322 Ether in rewards since June 2, currently worth around $848,750.
It has also launched a metric known as ETH Concentration, designed to show the company’s Ether exposure relative to its equity structure.
SharpLink’s chairman and Ethereum co-founder, Joseph Lubin, said the company was “continuously refining our treasury strategy.”
Related: SharpLink buys $463M in ETH, becomes largest public ETH holder
“Our sustained success is a direct result of SharpLink’s disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational transparency,” he added.
Companies shifting to crypto buys
Many companies have been buying up Bitcoin for corporate treasuries; however, there are a few who have decided to go all-in on altcoins.
Digital asset company Bit Digital pivoted its corporate treasury strategy from Bitcoin to Ether on Monday, selling 280 Bitcoin (BTC) to acquire more Ether for its growing treasury.
Meanwhile, Chinese microchip firm Nano Labs officially kicked off its plan to hold up to 10% of the total circulating supply of BNB (BNB), buying $50 million worth on July 3.
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