SharpLink Gaming Stock Surges 7% After $30M Ethereum Boost

Shares in SharpLink Gaming saw a notable jump recently, rallying over 7% in trading. What fueled this positive movement for the sports betting company? The answer lies in a significant boost to its Ethereum holdings, marking another step in the company’s bold crypto investment strategy.

SharpLink Gaming’s Latest Ethereum Purchase

SharpLink Gaming announced on Tuesday that it had increased its Ethereum (ETH) reserves. The company purchased 12,207 Ether at an average price of $2,513 per coin during the week ending June 20. This latest acquisition cost approximately $30 million.

Following this purchase, SharpLink Gaming now holds a substantial amount of Ethereum. Their total ETH holdings have reached over 188,000 Ether, valued at around $457.4 million as of Friday.

To fund this investment, SharpLink Gaming sold 2.54 million shares, raising $27.7 million. The majority of these proceeds were directed towards bolstering their Ether position. The company also noted that its entire ETH holding is currently staked, generating additional yield, with 120 ETH earned so far, worth about $293,000.

How Did SBET Stock React?

News of the increased Ethereum holdings had an immediate impact on SharpLink Gaming’s share price. SBET stock rallied more than 7% by the close of trading on Tuesday, reaching $9.66 per share. The stock saw a further gain of 1.14% in after-hours trading, closing at $9.77.

While this rally is positive, it’s worth noting the broader context. Despite the recent surge, SBET stock is down significantly from its peak of $79.21 reached on May 29, showing a decline of over 87% since then. The stock’s performance has been volatile, partly influenced by its ambitious plans related to crypto investment.

SharpLink’s Expanding Crypto Investment Strategy

This $30 million Ethereum purchase is not an isolated event but part of a larger strategic move by SharpLink Gaming into digital assets. In May, the company raised $425 million specifically for its ETH buying plan. This strategy gained further prominence with the appointment of Joseph Lubin, a co-founder of Ethereum, as the chairman of SharpLink’s board of directors.

Lubin stated that increasing the company’s ETH holdings is intended to create “long-term value for our stockholders.” This highlights the company’s view of Ethereum as a strategic asset for future growth and shareholder benefit.

SharpLink Gaming made headlines earlier in June when it acquired $463 million worth of ETH, positioning itself as the publicly traded company with the largest reported ETH holdings.

Financially, the company’s core business saw challenges in the quarter ended March 2025, reporting a 24% year-on-year decline in net revenue and a sharp 110% fall in net profit margin. This context makes the focus on their crypto investment strategy even more pronounced.

Increasing Institutional Interest in ETH Holdings

SharpLink Gaming’s move aligns with a broader trend of increasing institutional demand for Ethereum. In recent weeks, more large players have shown interest in ETH.

• Some large Ether holders have initiated leveraged long positions on the cryptocurrency.
• One notable example includes a whale opening a $101 million long position.
• Another whale accumulated $39 million worth of ETH, bringing their total holdings to over $300 million.
• The amount of Ether staked has also grown significantly, with over 35 million ETH tokens locked, representing more than 28% of the total supply earning staking rewards.

This growing institutional activity underscores Ethereum’s increasing acceptance as a valuable asset class beyond individual investors.

Summary

SharpLink Gaming’s decision to boost its Ethereum holdings with another $30 million has clearly resonated positively with the market, triggering a 7% rally in SBET stock. This move is part of the company’s larger strategy to build significant ETH reserves, aiming to create long-term value for shareholders, a strategy supported by key figures like Ethereum co-founder Joseph Lubin. The company’s substantial ETH holdings now position it as a major public holder of the cryptocurrency. This corporate crypto investment activity occurs within a period of rising institutional interest in Ethereum, suggesting a broader market trend towards recognizing ETH as a strategic asset.