SharpLink Gaming's stock rose 7% after the company purchased an additional 12,207 ETH worth approximately 30 million USD, increasing total holdings to over 188,000 ETH (~457.4 million USD).
All of this ETH has been staked, yielding a profit of 120 ETH (worth 293,000 USD).
The company sold 2.54 million shares to raise 27.7 million USD, mostly used to buy ETH.
The new chairman is Joseph Lubin, co-founder of Ethereum, who believes that accumulating ETH will provide long-term value for shareholders.
Previously, in May, SharpLink raised 425 million USD for the plan to purchase ETH, and on June 13, they bought 463 million USD worth of ETH, becoming the largest public company holding ETH.
Stock prices soared.
SharpLink (SBET) stock rose more than 7% on Tuesday, reaching 9.66 USD, and continued to increase slightly after hours to 9.77 USD. However, the stock is still down over 87% from its peak of 79.21 USD on May 29.
In the quarter ending March 2025, the company reported a 24% decrease in net revenue compared to the same period last year and a sharp decline of 110% in net profit margin, indicating diminishing business effectiveness.
Institutions are flocking to ETH.
Demand from institutions for ETH has been rapidly increasing recently.
A whale has opened a long position worth 101 million USD with 25x leverage despite market volatility due to the Israel-Iran conflict.
Another whale purchased an additional 39 million USD worth of ETH on Sunday, bringing total holdings to over 300 million USD.
More than 35 million ETH (approximately 28% of the total supply) has been staked to earn rewards.
