SharpLink Gaming Expands Ethereum Holdings to 188,478 ETH, Solidifies Position as Leading Public ETH Holder

On June 24, SharpLink Gaming, Inc. (Nasdaq: SBET) announced a significant expansion of its Ethereum (ETH) holdings. Between June 16 and June 20, the company acquired an additional 12,207 ETH for approximately $30.67 million, with an average purchase price of $2,513 per ETH, inclusive of fees and expenses.

This increased its total holdings to 188,478 ETH, solidifying its position as the largest publicly traded holder of Ethereum, second only to the Ethereum Foundation.

In parallel, SharpLink raised around $27.7 million in net proceeds through its At-The-Market (ATM) facility, selling 2,547,180 shares of its common stock. The company noted that the majority of the funds raised from this share sale will be used to further increase its ETH treasury.

SharpLink has fully deployed 100% of its ETH holdings into staking solutions, generating 120 ETH in staking rewards since the company launched its ETH-focused treasury strategy on June 2. Since initiating this strategy, SharpLink has recorded an 18.97% growth in ETH per share.

Chairman Joseph Lubin Highlights SharpLink’s Confidence in Ethereum’s Utility

SharpLink’s Chairman of the Board, Joseph Lubin, who is also the Co-Founder of Ethereum and CEO of Consensys, said the company’s decision to increase its ETH holdings highlights its forward-thinking strategy to build long-term value for shareholders and strengthen its position at the intersection of blockchain technology and next-generation iGaming.

He explained, "This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders, alike."

SharpLink’s Stock Jumps 7% Amid Growing Ethereum Treasury Position

Following the news of its expanded ETH holdings, SharpLink's stock price closed with a 7.33% increase on the day to $9.66, along with a 3.42% gain in pre-market trading at the time of writing. Previously, the stock experienced a historic surge after the company announced its decision to acquire ETH as its primary treasury reserve asset on May 27. The stock skyrocketed by over 640% in a single day, closing at $49, compared to its price of $2.79 just three days earlier. According to Yahoo Finance, the rally continued briefly, with the stock reaching an intraday peak of approximately $124 on May 30. After peaking on May 30, SharpLink’s stock price began a steady decline. On June 12, SharpLink’s stock price plunged by 66% due to investor panic triggered by a misinterpretation of the company’s S-3 filing, which many mistakenly viewed as a sign of imminent share dilution.

Looking ahead, the company plans to keep shareholders informed on the progress of its Ethereum treasury strategy and other blockchain-driven growth efforts.