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Investing.com -- SharpLink Gaming Inc. (NASDAQ:SBET) stock rose 11% after the company announced it had grown its Ethereum (ETH) holdings to 205,634 tokens and earned 322 ETH in staking rewards since launching its treasury strategy last month.
The Minneapolis-based company acquired 7,689 ETH last week at a weighted average price of $2,501 per token, according to a press release issued Monday. SharpLink, which describes itself as "the world’s largest publicly traded company to adopt Ethereum as its primary treasury reserve asset," has committed 100% of its ETH holdings to staking and restaking protocols.
To fund its crypto expansion, SharpLink raised approximately $64.0 million through its At-The-Market facility between June 28 and July 4, selling nearly 5.5 million shares of common stock. About $37.2 million of this capital, raised on July 3, has yet to be allocated to ETH purchases and is expected to be deployed this week.
The company reported earning approximately 100 ETH through staking rewards last week, contributing to its total estimated reward yield of 322 ETH since initiating the program on June 2.
SharpLink also introduced a new transparency metric called "ETH Concentration," which measures the company’s ETH exposure relative to its equity structure. This figure has grown from 2.00 ETH to 2.37 ETH since mid-June, representing a 19% increase in three weeks.
Joseph Lubin, SharpLink Chairman and Ethereum Co-Founder, emphasized the company’s "disciplined execution" of its ETH-centric treasury management strategy and commitment to operational transparency.
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