SharpLink stock continues surging as treasury tops 200k Ethereum
SharpLink Gaming shares surged nearly 26% on July 8 after the Minneapolis-based online gaming company revealed a major expansion of its crypto treasury, bringing its total Ethereum (ETH) holdings to over 200,000 coins.
The company announced it had purchased an additional 7,689 ETH for approximately $19.2 million at an average price of $2,501 per coin. The move boosted SharpLink’s total holdings to 205,634 ETH, now valued at around $533 million based on prevailing market prices.
The firm’s shares (NASDAQ: SBET) climbed to an intraday high of $15.93, marking the stock’s strongest performance since mid-June, before easing to trade around $14.55 later in the session.
The gaming and sports betting technology provider has been pursuing an aggressive strategy to convert a large portion of its corporate treasury into ether, aiming to position ETH as a core reserve asset for the company.
Last week, SharpLink raised $64 million through an at-the-market share sale, earmarking $37.2 million from the raise to acquire additional ETH in the coming days.
All of the company’s Ethereum holdings are currently staked or restaked in DeFi protocols to generate yield. Since implementing its ETH treasury program on June 2, SharpLink has earned 322 ETH in staking rewards, equivalent to approximately $2.1 million at current prices.
In a bid to increase transparency around its crypto strategy, the company introduced a new reporting metric called ETH Concentration. This figure measures the number of ETH held for every 1,000 diluted shares outstanding.
According to SharpLink, ETH Concentration has risen to 2.37 ETH, up from 2.00 ETH three weeks earlier, reflecting its rapid accumulation.
SharpLink’s treasury strategy mirrors a broader trend among technology companies pivoting toward digital asset reserves. On Monday, Bit Digital shares climbed 18% after the Bitcoin mining and staking firm announced it had exchanged its entire bitcoin holdings for ether, underscoring ETH’s growing appeal as an institutional treasury asset alongside bitcoin.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has seen renewed interest from corporate buyers following the approval of spot ether exchange-traded funds in the United States earlier this year, enhancing ETH’s profile as an investable and yield-generating digital asset.
The post SharpLink stock continues surging as treasury tops 200k Ethereum appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI investment enters the "Trough of Disillusionment", the next 18 months will be a life-or-death test!
Goldman Sachs believes that the AI investment cycle is currently in the "trough of disillusionment," but this is not the first time. The core contradiction lies in the fact that the business models of new cloud computing providers are highly dependent on end-user returns from AI spending, while currently "there are basically zero companies that can attribute profits to AI." Social Capital founder Palihapitiya has clearly defined an 18-month key window, during which the market will decide which AI business models are sustainable and which are not.
Anthropic's Core Concern: Revenue Can Be Withdrawn at Any Time, but Computing Power Costs Are Locked in for up to 20 Years
Zheshang Securities believes that Anthropic's revenue is mainly based on usage-based billing, with remaining performance obligations covering only about 5.1 months of annualized revenue, while compute power costs are already locked in with $895.4 billion in irrevocable commitments, some extending as far as 2045. Revenues can be reduced at any time, but costs are non-exitable, creating a highly asymmetric maturity gap between the two—this is the company's real core constraint.
Triple Pressure from the Federal Reserve, Treasury, and Congress; Goldman Sachs: Liquidity Crisis May Occur in 2027
Goldman Sachs warns that the reserve ratio of bank assets has dropped to around 11%, only slightly above the crisis trough of 2019. In the second half of 2027, a deadlock in debt ceiling negotiations will force the Treasury to rebuild the TGA, triggering a "perfect storm" of a sharp drop in reserves and a surge in T-bill supply; combined with stalled money market fund buying, this will create a huge liquidity black hole. The Federal Reserve could be forced into the awkward position of lowering interest rates and launching large-scale bond purchases to rescue the market.
Crypto prices
More
