SharpLink Gaming’s total Ether holdings hit 205,634 ETH after its latest round of buys, which it will commit to staking.
Shares in SharpLink Gaming closed Tuesday trading up over 28% after the sports betting company said it made a series of Ether buys to bring its holdings to 205,634 Ether, worth over $533 million.
SharpLink said on Tuesday that in a buying spree from June 28 to July 4, it acquired 7,689 Ether ETH$2,768 for over $19 million at an average price of $2,501, adding to its growing treasury.
Shares in SharpLink (SBET) jumped on the announcement and gained nearly 28.6% on Tuesday to close trading at $16.29 and continued to rise 4.36% after-hours to $17.
On June 25, SharpLink’s stock rallied 7% to trade at $9.66 after it announced a $30 million Ether buy that raised its total holdings to 188,000.
SharpLink raises more money for ETH buys
During the same period it was buying Ether, Sharplink said it raised $64 million in net proceeds by selling over 5.4 million shares that would be used to buy more Ether, with a “large portion of this capital” expected to be used soon.
On May 30, Sharplink said it plans to sell up to $1 billion in common shares, with most of the proceeds intended to acquire Ether, just days after it signaled a shift toward an Ethereum-focused treasury strategy on May 27.
SharpLink shares plunged by about 73% in after‑hours trading on June 12 due to a misunderstanding around the announcement of a regulatory filing registering 58.7 million shares for potential resale.
SharpLink commits 100% of ETH to staking
SharpLink has committed all of its Ether holdings to staking and restaking, the firm said, earning a total of 322 Ether in rewards since June 2, currently worth around $848,750.
It has also launched a metric known as ETH Concentration, designed to show the company’s Ether exposure relative to its equity structure.
SharpLink’s chairman and Ethereum co-founder, Joseph Lubin, said the company was “continuously refining our treasury strategy.”
“Our sustained success is a direct result of SharpLink’s disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational transparency,” he added.
Companies shifting to crypto buys
Many companies have been buying up Bitcoin for corporate treasuries; however, there are a few who have decided to go all-in on altcoins.
Digital asset company Bit Digital pivoted its corporate treasury strategy from Bitcoin to Ether on Monday, selling 280 Bitcoin BTC$111,361 to acquire more Ether for its growing treasury.
Meanwhile, Chinese microchip firm Nano Labs officially kicked off its plan to hold up to 10% of the total circulating supply of BNB BNB$662.45, buying $50 million worth on July 3.
Source: https://cointelegraph.com/