Shares of SharpLink Gaming surged over 28% on Tuesday as the company revealed a significant boost in its Ethereum (ETH) holdings, reinforcing its aggressive shift into crypto. The Minneapolis-based gaming firm now holds 205,634 ETH, valued at over $533 million, following a fresh wave of ETH purchases in early July. The bold strategy, which includes staking 100% of its ETH reserves, has not only drawn attention from investors but also fueled a strong rally in its stock price.
From June 28 to July 4, SharpLink acquired 7,689 ETH at an average price of $2,501, spending more than $19 million. This latest acquisition raised eyebrows on Wall Street and pushed SharpLink’s shares (SBET) up 28.6% to close at $16.29. The rally didn’t stop there—after-hours trading saw the stock rise another 4.36%, reaching $17.
This upward trend builds on SharpLink’s earlier momentum. On June 25, shares jumped by 7% after the company disclosed a $30 million ETH purchase that took its holdings to 188,000 ETH. That move had already positioned SharpLink as one of the most ETH-exposed publicly traded companies. Now, with 205,634 ETH under management, it trails only the Ethereum Foundation in terms of Ethereum holdings.
Alongside its purchasing spree, SharpLink also raised $64 million in fresh capital by issuing over 5.4 million shares. A substantial portion of this capital, according to the company, is earmarked for further Ethereum acquisitions. This follows the firm’s May 30 filing to sell up to $1 billion in common shares, most of which will be funneled into its ETH treasury plan.
This aggressive pivot toward Ethereum began on May 27, when SharpLink formally unveiled its intention to move away from traditional assets in favor of a crypto-dominant treasury strategy. The move mirrors a broader trend of corporations experimenting with crypto, though SharpLink stands out for its full-throttle commitment to Ethereum specifically.
What makes SharpLink’s strategy even more distinctive is its decision to stake 100% of its ETH holdings. Since June 2, the company has earned 322 ETH in staking rewards, currently valued at approximately $848,750. Staking allows the company to earn passive income while supporting Ethereum’s network security.
To bring more transparency to shareholders, SharpLink has introduced a metric known as “ETH Concentration.” This measurement tracks the number of ETH tokens held per 1,000 fully diluted shares. It’s a new way for investors to assess their equity’s crypto exposure, providing a clearer picture of value beyond traditional balance sheet metrics.
SharpLink’s Ethereum-first approach has been driven in part by its chairman, Ethereum co-founder Joseph Lubin. In a statement, Lubin emphasized the importance of disciplined execution and transparency, saying, “Our sustained success is a direct result of SharpLink’s disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational transparency.”
While most publicly traded firms with crypto on their books tend to focus on Bitcoin, SharpLink is not alone in its Ethereum bet. Earlier this week, Bit Digital, a Nasdaq-listed company, pivoted from Bitcoin to Ether, selling 280 BTC to expand its ETH holdings. Meanwhile, Nano Labs, a Chinese semiconductor firm, made headlines for investing $50 million into BNB as part of its goal to hold 10% of BNB’s total circulating supply.
These moves highlight a growing interest in altcoins beyond Bitcoin, as companies diversify their digital asset strategies. For SharpLink, the commitment to Ethereum goes deeper than speculation. It has committed to an operational model that utilizes staking, restaking, and transparent ETH accounting—positioning itself not just as a holder, but as an active participant in Ethereum’s future.
The broader financial community is taking note. With its share price now trading near record highs and Ethereum’s price maintaining relative stability, SharpLink’s approach could signal a new standard for corporate crypto treasury management.
Whether other firms will follow SharpLink’s lead remains to be seen. But one thing is clear: the line between crypto infrastructure and traditional finance is becoming increasingly blurred, and companies like SharpLink are accelerating that convergence. If Ethereum continues to grow as an institutional asset, SharpLink may well be remembered as one of the first movers that got it right.
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