After sports betting company SharpLink disclosed a large-scale purchase of Ethereum (ETH), its stock price surged. On the 9th (local time), SharpLink's stock closed at $16.29, up 28.6% during trading, and further rose 4.36% in after-hours trading to $17.
From June 28 to July 4, SharpLink purchased a total of 7,689 ETH at an average price of $2,501, bringing its total holdings to 205,634 ETH. The total value of assets is estimated at approximately $533 million. The company stated that this purchase is part of its asset diversification strategy and is considering securing rewards through continuous Ethereum staking.
SharpLink has been steadily increasing its holdings since early June, making Ethereum a core asset in its financial strategy. According to the company's announcement, it has acquired 322 ETH in staking rewards since the strategy's inception, equivalent to $805,000 in revenue.
This purchase and strategy disclosure acted as a strong positive signal for investor sentiment. As listed companies increasingly expand their financial portfolios through direct cryptocurrency investments, SharpLink's proactive approach is drawing attention. Recent indications of a more conciliatory attitude towards cryptocurrencies by former President Trump are also stimulating market-wide expectations.
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