Shares in SharpLink Gaming (NASDAQ: SBET) jumped over 7% on June 24, closing at $9.66, after the sports betting firm announced it had deepened its commitment to Ethereum with a fresh $30 million investment in the cryptocurrency.
The stock saw an additional 1.14% bump in after-hours trading, ending the session at $9.77, according to Google Finance.
The company revealed it had acquired 12,207 Ether (ETH) during the week ending June 20, at an average purchase price of $2,513 per token. The move brings SharpLink’s total Ethereum holdings to over 188,000 ETH, currently valued at approximately $457.4 million.
To finance the latest ETH acquisition, SharpLink sold 2.54 million shares, raising $27.7 million. It stated that the majority of those funds were allocated directly to Ethereum purchases. In a strategic move to generate passive income, the firm has now staked its entire ETH portfolio, yielding 120 ETH worth around $293,000 in rewards so far.
Joseph Lubin, Ethereum co-founder and chairman of SharpLink’s board, expressed confidence in the company’s direction, stating the ETH accumulation strategy is designed to drive “long-term value” for shareholders. Lubin was appointed board chair in May, coinciding with SharpLink’s announcement that it had raised $425 million to fuel its aggressive Ethereum buying plan.
Just last week, on June 13, the company made headlines with a massive $463 million ETH acquisition, making it the largest publicly listed holder of Ethereum.
Despite a challenging Q1—marked by a 24% year-over-year revenue decline and a sharp 110% drop in net profit margin—SharpLink’s pivot to crypto appears to be resonating with investors amid rising institutional demand for Ether.
That demand has seen an uptick despite geopolitical tensions. On June 23, a large investor initiated a bold $101 million ETH long position with 25x leverage, while another whale scooped up $39 million worth of ETH over the weekend, pushing their holdings above $300 million.
Data also shows that over 35 million ETH tokens, representing 28% of the total supply, are now locked in staking contracts, highlighting growing confidence in Ethereum’s long-term value as a yield-generating asset.
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