SharpLink Gaming Inc. (NASDAQ:SBET) saw its stock price climb 11% after revealing a significant increase in its Ethereum (ETH) holdings, now totaling 205,634 tokens, alongside staking rewards amounting to 322 ETH since the launch of its treasury strategy last month.
The Minneapolis-based firm disclosed in a Monday press release that it purchased 7,689 ETH last week at an average cost of $2,501 per token. SharpLink proudly identifies itself as “the world’s largest publicly traded company to hold Ethereum as its main treasury reserve asset,” having allocated all its ETH assets to staking and restaking protocols.
To support this crypto expansion, the company raised nearly $64 million through its At-The-Market (ATM) offering between June 28 and July 4, selling close to 5.5 million shares of common stock. Approximately $37.2 million raised on July 3 remains unspent but is expected to be used for additional ETH acquisitions this week.
SharpLink reported generating around 100 ETH from staking rewards last week, bringing its total staking earnings to an estimated 322 ETH since the program began on June 2.
Additionally, the company introduced a new transparency metric, “ETH Concentration,” which tracks the ratio of ETH holdings to the company’s equity base. This metric has risen from 2.00 ETH to 2.37 ETH since mid-June, reflecting a 19% increase over three weeks.
Joseph Lubin, SharpLink’s Chairman and Ethereum co-founder, highlighted the firm’s “disciplined execution” of its Ethereum-focused treasury strategy and reaffirmed its dedication to transparency in operations.