SharpLink Gaming Expands Ethereum Holdings to $457M: A Major Crypto Move
SharpLink Gaming Boosts Ether Holdings, Shares Surge 7%
SharpLink’s Strategic Investment in Ether
SharpLink Gaming, a company specializing in sports betting, experienced a notable increase in its stock value, closing Tuesday with a 7% rise. This surge followed the announcement of an additional $30 million investment in Ether (ETH), bringing its total holdings to over 188,000 ETH, valued at approximately $457.4 million.
The firm disclosed that it acquired 12,207 Ether at an average price of $2,513 each during the week ending June 20. To finance this purchase, SharpLink sold 2.54 million shares, raising $27.7 million, primarily aimed at enhancing its Ether investment portfolio.
Staking and Future Value
As of last Friday, SharpLink has staked its entire Ether holdings, yielding 120 ETH, which is currently worth around $293,000. Joseph Lubin, the chairman of SharpLink’s board and a co-founder of ethereum, emphasized that expanding the company’s Ether assets is intended to generate long-term benefits for shareholders.
In May, SharpLink secured $425 million to support its Ether acquisition strategy and appointed Lubin as the chair of its board. Just days prior, on June 13, the company made headlines by acquiring $463 million worth of Ether, positioning itself as the publicly traded entity with the largest Ether reserves.
Stock Performance and Market Context
Following the announcement of its latest Ether purchase, SharpLink’s shares (SBET) climbed over 7%, closing at $9.66. The stock continued to gain traction in after-hours trading, reaching $9.77, according to Google Finance. However, despite this recent uptick, the company’s stock has plummeted more than 87% since peaking at $79.21 on May 29.
In the first quarter of 2025, SharpLink reported a 24% year-over-year decline in net revenue, with its net profit margin experiencing a significant drop of 110% during the same timeframe.
Growing Institutional Interest in Ether
There has been a noticeable increase in institutional interest in Ether recently. On Monday, significant Ether investors began to take leveraged long positions in the cryptocurrency, even amid market fluctuations caused by geopolitical tensions in the region. One prominent investor initiated a long position worth $101 million with a leverage of 25x.
Another major player accumulated $39 million in Ether on Sunday, bringing their total holdings to over $300 million. Additionally, reports indicate that over 35 million Ether tokens have been staked, representing more than 28% of the total ETH supply locked in smart contracts to earn staking rewards.
