SharpLink Gaming's shares surged by 7% on Tuesday after the company increased its Ether (ETH) investments by $30 million. The firm acquired 12,207 ETH at an average price of $2,513 each, bringing its total holdings to over 188,000 ETH valued at approximately $457.4 million. To fund this purchase, SharpLink sold 2.54 million shares, raising $27.7 million, primarily for its ETH investment. As of last Friday, the company staked its entire ETH portfolio, earning 120 ETH worth around $293,000. Joseph Lubin, the board chairman and Ethereum co-founder, emphasized that expanding ETH holdings would enhance long-term shareholder value. Earlier in May, SharpLink raised $425 million for its ETH strategy and appointed Lubin as chairman. Despite the recent stock rally, SharpLink's shares have plummeted over 87% since peaking at $79.21 on May 29. The company also reported a 24% year-on-year decline in net revenue for the quarter ending March 2025. Read more AI-generated news on: https://app.chaingpt.org/news

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