According to Cointelegraph, SharpLink Gaming's stock price rose 7% on Tuesday due to the company increasing its holdings in Ethereum (ETH) by $30 million. SharpLink stated that as of June 20, the company purchased 12,207 ETH at an average price of $2,513 per coin, bringing its total holdings to over 188,000 coins valued at $457.4 million. The company raised $27.7 million by selling 2.54 million shares, primarily to increase its ETH holdings. As of Friday, SharpLink has staked all of its ETH holdings, generating 120 ETH worth $293,000. Chairman Joseph Lubin stated that increasing ETH holdings will create long-term value for shareholders. SharpLink raised $425 million in May for its ETH purchase plan and appointed Lubin as chairman of the board. On June 13, the company acquired $463 million worth of ETH, becoming the publicly traded company with the most ETH holdings. Despite the recent rise in stock price, SharpLink's stock has fallen over 87% since May 29. In the first quarter of 2025, the company's net income declined 24% year-on-year, with net profit margin dropping significantly by 110%. Institutional demand for ETH has recently increased. On Monday, large ETH holders initiated leveraged long positions amid market volatility triggered by the Israel-Iran war. One whale investor initiated a leveraged long position worth $101 million at 25 times leverage. Another whale accumulated $39 million worth of ETH on Sunday, with holdings now exceeding $300 million. Last week, it was reported that over 35 million ETH were staked, accounting for over 28% of the total ETH supply.

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