SharpLink's surprising "pivot": Spending 112 million USD to acquire Ethereum, stock rises 71%

SharpLink Gaming (SBET) — a Nasdaq-listed company specializing in affiliate marketing for sports betting — has surprised the market by aggressively accumulating Ethereum as a strategic treasury.

In just 3 days, #SharpLink spent a total of 112.55 million USD to purchase nearly 38,000 ETH. Specifically, last Friday, the company bought 21,487 ETH (~63.7 million USD) from the Ethereum Foundation, and on Sunday, it continued to acquire an additional 16,374 ETH (~48.85 million USD) from Galaxy Digital's OTC wallet.

Notably, Ethereum co-founder Joseph Lubin has become Chairman of SharpLink since May, leading the company to "pivot" from gaming to a large-scale Ethereum accumulation strategy. Mr. Lubin stated: "This is not just a transaction but a long-term commitment. SharpLink will hold, stake, and restake $ETH to support a more sustainable Ethereum ecosystem."

After a series of transactions, SharpLink's stock soared 71% during the week, currently trading around 23.20 USD, while the price of Ethereum also surpassed 3,000 USD, reaching a 5-month high.

With over 216,000 ETH (~648 million USD), SharpLink now ranks just behind the Ethereum Foundation in terms of ETH treasury size. Analysts suggest that SharpLink is opening up a publicly listed business model following Michael Saylor's Strategy, but with Ethereum instead of Bitcoin.

Crypto always carries risks. Carefully consider before investing. #anhbacong