SharpLink’s Ethereum Bet Sends Stock Soaring 28%

More and more companies are now using digital assets instead of traditional cash to manage their treasuries. While some large firms like Strategy and MetaPlanet have chosen Bitcoin, SharpLink Gaming is taking a different route. This company has decided to invest heavily in Ethereum (ETH), and the move is already making waves.

Strategic Investment Drives Market Optimism

SharpLink disclosed that between June 28 and July 4, 2025, it added 7,689 ETH to its reserves. The purchase was made at an average rate of $2,501 per coin, lifting its total Ethereum holdings to 205,634. The acquisition triggered a sharp market reaction. SharpLink’s stock, listed as SBET on the NASDAQ, rose more than 28% over the past day as investors responded to its decisive shift toward Ethereum.

To drive the expansion further, SharpLink turned to its At-The-Market facility to raise fresh capital. During the same timeframe, the company generated roughly $64 million in net proceeds by issuing just under 5.5 million shares. A significant portion—$37.2 million—was brought in on July 3 alone. That amount had not yet been used for additional Ethereum purchases, though the company intends to allocate most of it in the days ahead.

Staking, Earnings, and ETH Concentration: SharpLink’s Expanding Ethereum Playbook

Beyond simply holding Ethereum, SharpLink has directed all of its holdings toward yield-generating blockchain protocols. Through staking and restaking, the company has been earning passive rewards on its assets. Between late June and early July, the business received about 100 ETH as reward income. Since the start of its staking activities on June 2, total returns have reached 322 ETH.

This move strengthens the utility of SharpLink’s ETH reserves, turning them into an income stream rather than an idle asset. 

To bring clarity for shareholders, SharpLink has introduced a measure known as “ETH Concentration.” This figure reflects the amount of Ethereum held in relation to the company’s outstanding diluted shares. 

By continuously refining our treasury strategy and adopting innovative transparency metrics like ETH Concentration, we’re not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset stewardship in today’s public markets.

Joseph Lubin, SharpLink Chairman.

SharpLink’s ETH Concentration has climbed from 2.00 to 2.37 since mid-June — a 19% increase in just three weeks. This figure does not yet account for any ETH that could be acquired using the unspent $37.2 million raised on July 3, which may push the concentration even higher.

Ethereum’s Broader Momentum and Institutional Activity

Meanwhile, Ethereum itself has seen a price uptick, crossing the $2,600 mark after gaining more than 3% within the last day. Analysts following its performance point to encouraging signs on technical charts.

Here’s what might be fueling Ethereum’s latest surge—both on the charts and behind the scenes:

• Analyst Rekt Capital says ETH has held above $2,500, forming a potential springboard for further gains.
• A pseudonymous analyst noted that ETH has finally broken above the EMA50 after nine weeks of rejection, marking a key shift in trend.
• Lookonchain revealed that a wallet linked to the U.S. government moved 86.56 ETH to Coinbase Prime and now holds over 65,000 ETH worth $166 million.
• On-chain expert Ali Martinez reported that whales bought 200,000 ETH last weekend, signalling strong buying activity from investors.

While most current metrics point to short-term momentum, some are already looking far ahead. A recent forecast suggests Ethereum could eventually reach a price of $706,000, pushing its total market value to as much as $85 trillion. The estimate reflects growing belief in Ethereum’s long-term potential and expanding role in global finance.