- SharpLink Gaming shares rose 7% after the company bought $30 million more in Ethereum and now holds over 188,000 ETH worth $457 million.
- The sports betting firm sold 2.54 million shares to fund the purchase, and Ethereum co-founder Joseph Lubin chairs the board to guide their crypto strategy.
- SharpLink became the largest publicly traded Ethereum holder in June, but the stock remains down 87% from its May peak due to declining gaming revenue.
SharpLink Gaming experienced a notable surge in stock price on Tuesday, closing up 7% at $9.66 after announcing its latest cryptocurrency acquisition. The sports betting company expanded its Ethereum holdings by purchasing an additional $30 million worth of ETH tokens.
The gaming firm acquired 12,207 Ether tokens at an average price of $2,513 each during the week ending June 20. This purchase brings SharpLink’s total Ethereum holdings to over 188,000 ETH, valued at approximately $457.4 million at current market prices.
SharpLink funded the acquisition through equity financing, selling 2.54 million shares to generate $27.7 million in proceeds. The company directed the majority of these funds toward expanding its cryptocurrency portfolio. The firm has staked its entire ETH position, earning 120 ETH worth $293,000 in staking rewards as of Friday.
Strategic Vision Under New Leadership
Joseph Lubin, Ethereum co-founder and SharpLink’s board chairman, emphasized the strategic importance of the cryptocurrency investments. Lubin stated that increasing ETH holdings would create substantial long-term value for shareholders. His appointment to the board in May coincided with the company’s ambitious $425 million fundraising plan for Ethereum purchases.
SharpLink achieved a significant milestone on June 13 when it acquired $463 million worth of ETH. This transaction established the company as a publicly traded entity with the largest Ethereum holdings in the market.
The stock continued its upward momentum after-hours trading, gaining an additional 1.14% to reach $9.77. However, the recent gains represent only a partial recovery from significant losses earlier this year. SharpLink shares remain down more than 87% from their May 29 peak of $79.21.
The company’s operational metrics present a mixed picture. SharpLink reported a 24% year-over-year decline in net revenue during the quarter ended March 2025. The net profit margin deteriorated by 110% over the same period, reflecting ongoing challenges in the core gaming business.
Institutional Ethereum Demand Grows
SharpLink’s strategy aligns with broader institutional interest in Ethereum. Large-scale investors have demonstrated increased appetite for ETH despite market volatility stemming from geopolitical tensions in the Middle East.
Recent whale activity includes a $101 million leveraged long position with 25x leverage initiated Monday. Another significant investor accumulated $39 million worth of ETH on Sunday, bringing their total holdings above $300 million.
The Ethereum network has witnessed unprecedented staking activity, with over 35 million tokens now locked in smart contracts. This represents over 28% of ETH’s total supply being staked to earn rewards, demonstrating growing confidence in the cryptocurrency’s long-term prospects.
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