SharpLink Gaming has deepened its Ethereum commitment, acquiring 7,689 ETH between June 28 and July 4 at an average of $2,501, bringing its total stash to 205,634 ETH.
The purchase was funded through a $64 million raise via an At-The-Market facility, with more ETH buys likely ahead.
Since kicking off its crypto treasury strategy on June 2, SharpLink has staked all its ETH and earned 322 ETH in rewards. The company has also rolled out a new ‘ETH Concentration’ metric, aimed at giving investors greater clarity on its Ethereum exposure.
Despite the bold pivot, SharpLink’s stock (SBET) faces skepticism. Spark, TipRanks’ AI-powered analyst, rates the stock as “Underperform” due to weak fundamentals, declining revenue, and negative profitability signals. Still, analysts note the company’s Ethereum-driven gaming focus could open doors to long-term growth.
Based in Minneapolis, SharpLink is positioning itself as the leading public company in crypto gaming, integrating smart contracts and Web3 tech into the sports betting landscape.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
Source: https://coindoo.com/sharplink-acquires-7689-eth-in-one-week-buying-spree/