SharpLink Gaming's stock (NASDAQ: SBET) is turning heads on Wall Street, up 12.7% through the pre-market, after a 28.7% gain during Tuesday's regular session. The company is making waves with a bold strategy: embracing Ethereum (ETH) as its primary treasury reserve asset. This unconventional move has sent the stock on a wild ride, more than doubling in value since the start of the year.
The recent surge is directly linked to the company's aggressive accumulation of ETH, now totalling a substantial 205,634 ETH.
This dramatic increase in volume accompanied the news that SharpLink had acquired an additional 7,689 ETH at an average price of $2,501 per ETH, and that they had committed 100% of their holdings to staking protocols, earning approximately 322 ETH in rewards since initiating the strategy on June 2, 2025.
To fund this expansion, SharpLink raised approximately $64 million through its At-The-Market (ATM) facility, selling nearly 5.5 million shares of common stock. Of these proceeds, about $37.2 million is earmarked for further ETH purchases.
However, SharpLink's journey hasn't been without its bumps. The stock's 52-week range of $2.26 to $124.12 underscores its extreme volatility, which the chart above illustrates well.
SharpLink's bold bet on Ethereum could be a game-changer, but it's not without significant risk. Whether this strategy proves to be a stroke of genius or a costly misstep remains to be seen.
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