SharpLink boosts ETH holdings, shares surge 26%

SharpLink Gaming (NASDAQ: SBET) shares jumped nearly 26% on July 8 after the company revealed it had increased its Ethereum (ETH) holdings to over 205,000 ETH, worth around $533 million.

The company purchased an additional 7,689 ETH at an average price of $2,501, using part of the $64 million it raised last week.

All of its ETH is currently staked in DeFi, generating 322 ETH in rewards since June 2.

SharpLink also introduced a new metric called ETH Concentration, now at 2.37 ETH per 1,000 diluted shares, reflecting rapid accumulation.

On the same day, Bit Digital announced it had sold all of its BTC to convert into ETH — highlighting the growing trend of ETH becoming a corporate treasury asset.

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