The stock price of sports betting company SharpLink Gaming rose 7% at the close of trading on Tuesday, following the company's additional investment of $30 million in Ethereum (ETH).
SharpLink announced on Tuesday that it purchased 12,207 ETH at an average price of $2,513 each during the week ending June 20 (Friday), and currently holds over 188,000 ETH, valued at $457.4 million.
SharpLink stated that the company raised $27.7 million by selling 2.54 million shares, most of which was used to strengthen its ETH investment.
The company added that as of Friday, it has staked all of its ETH holdings, generating 120 ETH, valued at $293,000.
Joseph Lubin, the chairman of SharpLink's board and a co-founder of Ethereum, stated that increasing the company's ETH holdings will create "long-term value" for shareholders.
In May, SharpLink raised $425 million for its ETH purchase plan and appointed Lubin as chairman of the board.
On June 13, SharpLink acquired $463 million worth of ETH, becoming the publicly traded company with the largest ETH holdings.
SharpLink (SBET) saw its stock price rise over 7% at the close of trading on Tuesday, reaching $9.66. According to Google Finance, the stock price further increased by 1.14% in after-hours trading, closing at $9.77.
Despite the recent rise in stock price, SharpLink's shares have fallen over 87% since reaching $79.21 on May 29.
In the quarter ending March 2025, the company reported a 24% year-over-year decline in net income, with a significant drop of 110% in net profit margin during the same period.
Recently, institutional demand for ETH has continued to rise.
On Monday, despite market volatility caused by the Israel-Iran war, large Ethereum holders initiated leveraged long positions. One single whale initiated a long position of $101 million with 25x leverage.
Another whale accumulated $39 million worth of ETH on Sunday, bringing its total ETH holdings to over $300 million.
Last week, it was reported that over 35 million Ethereum tokens have been staked, locking up more than 28% of the total ETH supply in smart contracts to earn staking rewards.
Related: Ethereum liquidity remains above $2,500: Will ETH bulls seize the opportunity?
Original article: “SharpLink Gaming's stock price rises 7% after purchasing $30 million in Ethereum (ETH)”
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