Sports betting company SharpLink Gaming saw its stock price close up over 28% on Tuesday (July 8) after the company announced a series of Ethereum acquisitions, bringing its holdings to 205,634 Ethereum, valued at over $533 million.
SharpLink stated on Tuesday (July 8) that during an intensive buying period from June 28 to July 4, the company acquired 7,689 Ethereum at an average price of $2,501, with a total investment of over $19 million, further strengthening its capital reserves.
Following the announcement, SharpLink (SBET) stock price surged, closing nearly 28.6% higher at $16.29, with after-hours trading continuing to rise 4.36% to $17.
On June 25, after SharpLink announced a $30 million purchase of Ethereum, increasing its total holdings to 188,000 Ethereum, its stock price rose 7% to $9.66.
SharpLink noted that during the same period of purchasing Ethereum, the company raised $64 million in net proceeds by selling over 5.4 million shares, which will be used to acquire more Ethereum, with "most of the capital" expected to be deployed soon.
On May 30, SharpLink announced plans to sell up to $1 billion in common stock, with the majority of the proceeds intended for acquiring Ethereum. This followed the company's announcement on May 27 of a shift to an Ethereum-centric capital reserve strategy.
On June 12, SharpLink's stock price plummeted about 73% in after-hours trading due to market misunderstanding of a regulatory filing registering 58.7 million shares for potential resale.
The company stated that SharpLink has staked all of its Ethereum holdings and has earned a total of 322 Ethereum rewards since June 2, currently valued at approximately $848,750.
Additionally, the company launched a metric called "ETH Concentration," aimed at showcasing the company's Ethereum exposure relative to its equity structure.
SharpLink Chairman and Ethereum co-founder Joseph Lubin stated, "We are continuously refining our capital reserve strategy."
He further noted, "Our ongoing success is directly attributed to SharpLink's rigorous execution of an ETH-centric capital management strategy and a steadfast commitment to operational transparency."
Many companies have been purchasing Bitcoin to bolster corporate reserves; however, some have decided to fully invest in the altcoin market.
Digital asset company Bit Digital shifted its corporate reserve strategy from Bitcoin to Ethereum on Monday, selling 280 Bitcoin (BTC) to acquire more Ethereum, expanding its growing capital reserves.
Meanwhile, Chinese chip company Nano Labs officially launched a plan on July 3, aiming to hold 10% of the total circulating supply of BNB (BNB), having purchased $50 million worth of BNB.
Related: Bitcoin indicators show $100,000 is the bottom for BTC: When will it start rising to new highs?
Original article: “SharpLink Gaming Stock Soars 28%, Ethereum (ETH) Holdings Exceed $533 Million”
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