SharpLink stock rises 28% after 7,689 Ethereum purchase at $2.5K
SharpLink Gaming has increased its Ethereum (CRYPTO:ETH) holdings by 7,689 ETH between June 28 and July 4, 2025, purchasing at an average price of $2,501 per coin.
This acquisition raised the company’s total Ethereum reserves to 205,634 ETH.
The announcement triggered a 28 percent rise in SharpLink’s stock (NASDAQ:SBET) as investors reacted to its strategic shift toward Ethereum.
To support this expansion, SharpLink utilised its At-The-Market facility, raising approximately $64 million by issuing nearly 5.5 million shares.
On July 3 alone, the company generated $37.2 million in net proceeds, which it plans to allocate toward further Ethereum purchases.
SharpLink has directed all Ethereum holdings into yield-generating blockchain protocols through staking and restaking, earning about 100 ETH in rewards between late June and early July.
Since initiating staking on June 2, total returns have reached 322 ETH.
“The Bybit exploit indicates that the regime is intensifying its ‘flood the zone’ technique—overwhelming compliance teams, blockchain analysts, and law enforcement agencies with rapid, high-frequency transactions across multiple platforms, thereby complicating tracking efforts.” TRM Labs noted.
SharpLink’s ETH Concentration, representing Ethereum held relative to diluted shares, increased from 2.00 to 2.37 in three weeks, a 19 percent rise.
This figure excludes potential acquisitions from the unspent $37.2 million raised recently.
Ethereum’s price also surpassed $2,600, gaining over 3 percent in the last day.
Analysts note positive technical indicators, including ETH holding above $2,500 and breaking above the EMA50 after nine weeks.
On-chain data shows significant activity, such as a U.S. government-linked wallet moving 86.56 ETH to Coinbase Prime and whales purchasing 200,000 ETH recently.
Some forecasts project Ethereum’s price could reach $706,000, reflecting confidence in its long-term role in global finance.
At the time of reporting, Ethereum price was $2,783.29.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Anthropic has been profitable for two consecutive quarters ahead of its IPO
Anthropic has achieved positive adjusted operating profit for two consecutive quarters, with Q2 revenue surging 14-fold year-on-year to $11.5 billion and annualized revenue reaching $65 billion. The gross margin exceeds 80%. The company has chosen to list on Nasdaq, with a potential valuation of up to $2 trillion. Dramatically, the CEO has made a rare call to slow down AI development just before the IPO. Analysts believe that balancing safety concerns with commercial competition will become the core challenge.
Anthropic signs $13.7 billion computing power agreement with "Trump-linked company" Rum Group
Anthropic has signed a $13.7 billion, six-year computing power agreement with Rum Group. The core of the agreement is a data center under construction in Georgia. Rum Group was formerly the conservative video platform Rumble, whose early investors include current U.S. Vice President Vance.
Will the midterm elections cause the US stock market to crash? 75 years of history give an unexpected answer
Currently, with less than eight weeks until the midterm elections, one of the greatest uncertainties facing Wall Street is imminent. But will the reshuffling of power in Congress lead to a stock market crash? Looking back over 75 years of history, the answer is surprising, and ultimately leans toward optimism.
Crypto prices
More
