SharpLink Gaming Expands Ethereum Treasury, Stock Surges
By: Eva Baxter
SharpLink Gaming, a prominent player in the online gaming and sports betting technology industry, has seen a significant surge in its stock following an expansion of its cryptocurrency treasury holdings. The Minneapolis-based company's shares soared nearly 26% after announcing an impressive increase in its Ethereum (ETH) holdings, which have now surpassed a total of 200,000 coins. This development has underscored Ethereum's growing importance as a digital asset in corporate treasuries.
The company recently acquired an additional 7,689 ETH for approximately $19.2 million, marking a critical strategic move to reposition Ethereum as a core reserve asset. With this acquisition, SharpLink's total ETH holdings stand at 205,634 coins, valued at approximately $533 million based on current market valuations. The company's stock (NASDAQ: SBET) reached an intraday high of $15.93, illustrating investors' confidence in SharpLink's ongoing crypto-centric strategies.
This strategic focus is further highlighted by the company's recent successful raise of $64 million through an at-the-market share sale, with $37.2 million allocated specifically for future Ethereum purchases. Furthermore, all of SharpLink's ETH holdings are actively staked or restaked in decentralized finance (DeFi) protocols to generate substantial yield, having already earned 322 ETH, equivalent to around $2.1 million, in staking rewards.
SharpLink's move reflects a broader industry trend where technology companies are increasingly leveraging digital asset reserves for financial growth. Recently, Bit Digital, a Bitcoin mining and staking entity, also shifted its reserve strategy, opting to hold Ethereum instead of Bitcoin, highlighting ETH's rising appeal as a beneficial institutional treasury asset. As Ethereum continues to gain traction following the introduction of spot ether exchange-traded funds in the United States, its profile as a viable and profitable investment continues to expand in corporate treasuries worldwide. This growing trend demonstrates the shifting landscape of digital assets within corporate financial strategies.
