SharpLink Gaming (Nasdaq: SBET) has expanded its crypto holdings with a fresh purchase of 12,207 ETH. The company made the announcement on Tuesday, June 24, revealing it spent $30.67 million between June 16 and June 20 to acquire the tokens at an average price of $2,513 each.
To fund this purchase, SharpLink raised $27.7 million by selling 2,547,180 shares through its At-The-Market facility. The company confirmed the majority of the proceeds would be used to buy more ETH and grow its crypto reserves.
This latest purchase brings SharpLink’s total Ethereum holdings to 188,478 ETH. All of it has been deployed into staking platforms, where it has already generated 120 ETH in rewards since June 2, when the company launched its ETH treasury strategy.
SharpLink’s Chairman Joseph Lubin said the company is betting on Ethereum’s future value. “This move reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders alike,” Lubin stated in the press release.
CEO Rob Phythian also backed the decision, adding that SharpLink will continue to update stockholders on its blockchain plans and digital asset strategy as adoption grows.
Since the start of its ETH-focused shift, the company has recorded an 18.97% ETH-per-share growth. This surge in digital assets appears to be boosting investor confidence as well. At the time of writing, SharpLink’s stock price jumped 6% to hit $9.57,
Meanwhile, Ethereum’s own market momentum has picked up. ETH is currently trading at $2,438 after a 7% rise in the last 24 hours. Trading volume also saw a 25% increase, showing growing interest from traders.
Other big players like ConsenSys are also loading up on ETH, with a wallet linked to the firm reportedly buying 3,704 ETH worth $8.91 million on the same day.
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