SharpLink Gaming Stock Jumps 7% Following $30M Ethereum Investment

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SharpLink boosts Ethereum holdings to over 188,000 ETH

Shares of SharpLink Gaming (SBET) surged more than 7% on Tuesday after the sports betting company revealed a new $30 million Ethereum (ETH) acquisition. The move pushed its total ETH holdings to 188,000—currently valued at $457.4 million.

The firm disclosed that it purchased 12,207 ETH last week at an average price of $2,513. The funds came largely from a $27.7 million equity raise, where SharpLink sold 2.54 million shares to fuel its aggressive ETH investment strategy.

All ETH Now Staked, Yielding Returns

As of Friday, SharpLink reported that it had staked all of its Ethereum holdings, earning 120 ETH in rewards—worth approximately $293,000. This staking strategy aligns with the company’s broader plan to maximize crypto-based yield opportunities.

Joseph Lubin, co-founder of Ethereum and newly appointed chairman of SharpLink’s board, emphasized that expanding ETH exposure is aimed at generating “long-term value for our stockholders.”

Largest Public ETH Holder After June Acquisition

This move follows SharpLink’s $463 million Ethereum purchase on June 13, which made it the largest publicly traded holder of ETH. In May, the company also raised $425 million to fund its ETH strategy and appointed Lubin to lead its board.

Stock Sees Temporary Rebound Despite YTD Decline

SharpLink’s share price closed at $9.66 on Tuesday, a 7% increase, and climbed further to $9.77 in after-hours trading, according to Google Finance. Despite this boost, the stock remains down over 87% from its May 29 high of $79.21.

The company’s financials for Q1 2025 showed a 24% year-over-year drop in net revenue and a staggering 110% fall in net profit margin.

Institutions Double Down on Ethereum Amid Geopolitical Tensions

Institutional appetite for Ethereum continues to grow. On Monday, a major whale opened a $101 million leveraged long position (25x) on ETH, betting on a price surge despite market uncertainty triggered by the Israel-Iran conflict.

Another whale added $39 million in ETH to their portfolio on Sunday, pushing their total holdings above $300 million.

Meanwhile, more than 35 million ETH—about 28% of the total supply—has now been staked in smart contracts, signaling strong long-term confidence from the crypto community.

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