Sharplink Gaming’s shares surged nearly 26% on July 8, bringing its total Ethereum (ETH) holdings to more than 200,000 coins after the Minneapolis-based online gaming company revealed a major expansion in the Cryptocurrency Department.
The company announced that it had purchased an additional 7,689 ETH at around $19.2 million with an average price of $2,501 per coin. The move has increased Sharplink’s total holdings to 205,634 ETH. This is worth around $533 million based on current market prices.
The company’s stock (NASDAQ: SBET) rose to an intraday high of 15.93 before facilitating trading at around $14.55 in the second half of the session after marking the strongest performance of the stock since mid-June.
Gaming and sports betting technology providers are pursuing a proactive strategy to convert the majority of the Corporate Treasury into ether, aiming to position ETH as a company’s core reserve assets.
Last week, Sharplink raised $64 million through stock sales in the market and earned $37.2 million from a pay raise to win additional ETH in the coming days.
All Ethereum Holdings in the company are currently being piled or rested under defi protocol. Since implementing the ETH Treasury Department program on June 2, Sharplink has won 322 ETH, worth around $2.1 million at its current price.
To increase transparency around crypto strategies, the company has introduced a new reporting metric called ETH concentration. This figure measures the number of ETH held for each 1,000 unpaid diluted stocks.
According to Sharplink, ETH concentrations rose from 2.00 ETH three weeks ago to 2.37 ETH, reflecting its rapid accumulation.
Sharplink’s financial strategy reflects a wider trend among technology companies pivot towards digital asset reserves. BitDigital stock rose 18% on Monday after it announced that Bitcoin mining and staking companies had exchanged the entire Bitcoin holding for ether, highlighting S’ nutritional expansion as an asset to the institutional Treasury alongside Bitcoin.
Ethereum, the world’s second largest cryptocurrency by market capitalization, has attracted renewed interest from corporate buyers after receiving approval for funds traded by Ether Ether Exchange in the US earlier this year, bolstering ETH profiles as an investable, yielding digital asset.