The company announced it had purchased an additional 7,689 ETH for approximately $19.2 million at an average price of $2,501 per coin. The move boosted SharpLink’s total holdings to 205,634 ETH, now valued at around $533 million based on prevailing market prices.
The firm’s shares (NASDAQ: SBET) climbed to an intraday high of $15.93, marking the stock’s strongest performance since mid-June, before easing to trade around $14.55 later in the session.
The gaming and sports betting technology provider has been pursuing an aggressive strategy to convert a large portion of its corporate treasury into ether, aiming to position ETH as a core reserve asset for the company.
In a bid to increase transparency around its crypto strategy, the company introduced a new reporting metric called ETH Concentration. This figure measures the number of ETH held for every 1,000 diluted shares outstanding.
According to SharpLink, ETH Concentration has risen to 2.37 ETH, up from 2.00 ETH three weeks earlier, reflecting its rapid accumulation.
SharpLink’s treasury strategy mirrors a broader trend among technology companies pivoting toward digital asset reserves. On Monday, Bit Digital shares climbed 18% after the Bitcoin mining and staking firm announced it had exchanged its entire bitcoin holdings for ether, underscoring ETH’s growing appeal as an institutional treasury asset alongside bitcoin.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has seen renewed interest from corporate buyers following the approval of spot ether exchange-traded funds in the United States earlier this year, enhancing ETH’s profile as an investable and yield-generating digital asset.
