SharpLink Gaming Stock Soars 28% After Unveiling Massive 205,634 ETH Holdings

Highlights:

• SharpLink’s stock surged 28% after buying 7,689 ETH worth $19.2 million.
• Total ETH holdings are now 205,634, valued at around $533 million at current prices.
• The company raised $64M, and plans $1B share sale to expand its Ethereum-focused strategy.

Shares of SharpLink Gaming jumped nearly 28% following news of a significant Ethereum treasury expansion. The Minneapolis-based online gaming firm revealed it had purchased 7,689 more ETH for about $19.2 million. The acquisition took place between June 28 and July 4 at an average price of $2,501 per coin. This latest purchase increased SharpLink’s total Ethereum holdings to 205,634 ETH, now estimated to be worth approximately $540 million at current market rates.

SharpLink Gaming Doubles Down on Ethereum Strategy

During the same time it was buying Ether, SharpLink shared that it raised $64 million in net proceeds by selling more than 5.4 million shares. The company stated that a significant portion of the funds will soon be used to purchase additional Ether. On May 30, SharpLink further revealed its intention to issue up to $1 billion in common shares. This came just a few days after the company shared on May 27 that it was shifting its treasury strategy to focus on Ethereum.

SharpLink Gaming has crossed 200,000 ETH in its treasury for the first time, but it still holds less than the Ethereum Foundation, which is the independent group that looks after the Ethereum Layer 1 blockchain, as per data from DeFiLlama. 

SharpLink shared that it has fully staked and restaked its entire Ether holdings, generating 322 ETH in rewards since June 2. The company also started using a new metric called ETH Concentration to show how much Ether it holds compared to its shares. Chairman and Ethereum co-founder Joseph Lubin said the company is always working to improve its treasury plan. 

He stated:

“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. By continuously refining our treasury strategy and adopting innovative transparency metrics like ETH Concentration, we’re not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset.”

More Companies Pick Ethereum Over Bitcoin for Reserves

SharpLink’s treasury shift aligns with a broader trend of tech companies turning to crypto for reserves. Just this Monday, Bit Digital’s stock surged by 18% after the firm exchanged all its Bitcoin holdings for Ethereum.

THIS COMPANY SOLD ALL OF THEIR BTC AND BOUGHT $200M OF ETH

Bit Digital just acquired $192.9M ETH after raising ~$172M from a public offering, and selling their entire holdings of BTC, worth ~$28M.

Bit Digital now holds a total of $254.8 Million of ETH. pic.twitter.com/nV3P9vhZU8

— Arkham (@arkham) July 7, 2025

This move signals Ethereum’s rising popularity as a treasury asset, much like Bitcoin. As the second-largest cryptocurrency by market capitalization, Ethereum continues to gain institutional attention. It’s getting more attention from companies, especially after spot ETH ETFs were approved in the U.S., making it a stronger investment option.

At the time of writing, ETH was trading at $2,631, showing a 2% increase in the last 24 hours, as per crypto data tracker CoinMarketCap. Over the past month, Ethereum has gained nearly 6%, reflecting a steady upward trend. However, despite the recent growth, the cryptocurrency is still trading about 46% below its all-time high of $4,878, which it reached back in 2021.