SharpLink Gaming Ltd shares jumped after the company said it has acquired 7,689 Ether (ETH) bringing its total ETH holdings to around 205,634.
The Nasdaq-listed firm purchased the digital assets at an average price of $2,501 per ETH, underscoring a rapidly accelerating corporate strategy focused on Ethereum.
During the same period, SharpLink raised about $64.2 million by selling 5.4 million shares through its at-the-market (ATM) facility.
The latest round was purchased for approximately $19.2 million between June 28 and July 4.
SharpLink said it has staked and restaked its entire ETH treasury, earning approximately 100 ETH in rewards last week and 322 ETH in total since June 2.
The company’s ETH-per-share metric, referred to as “ETH concentration,” has climbed nearly 19% since June 13.
Shares of SharpLink surged more than 17% on Tuesday morning in New York.
With 205,634 ETH now in its treasury, SharpLink is just 38,845 ETH short of overtaking the Ethereum Foundation as the world’s largest corporate holder of ETH. The company is among the first Nasdaq-listed firms to adopt a treasury strategy centered around Ethereum, echoing moves by others such as MicroStrategy Incorporated (NASDAQ:MSTR), now known as Strategy.
The broader corporate push into Ethereum is gaining momentum. SharpLink leads with 205,634 ETH (valued at roughly $533 million), followed by Bit Digital Inc (NASDAQ:BTBT) with 100,603 ETH ($261 million), while Tom Lee’s BitMine has reportedly signaled plans to acquire up to 100,000 ETH ($250 million).