Sharplink buys ETH for USD 250 million – share price reacts

SharpLink Gaming has significantly increased its Ethereum holdings. The Minneapolis-based, Nasdaq-listed company (ticker: SBET) announced Tuesday that it acquired 56,533 ETH, valued at approximately $252 million, last week.
The average purchase price was approximately $4,462 per Ether. SharpLink now holds a total of 797,704 ETH, valued at $3.64 billion, according to the company.
In addition to the additional Ether holdings, the company currently has approximately $200 million in cash earmarked for further purchases. Furthermore, SharpLink has already earned 1,799 ETH in staking rewards since launching its Ethereum Treasury program on June 2, equivalent to more than $8 million.
SharpLink joins a growing number of listed digital asset treasuries that are deliberately adding Ethereum to their balance sheets. Just a few days ago, BitMine Immersion, a company led by Fundstrat founder Tom Lee, increased its Ether holdings to 1.71 million ETH, valued at $8.2 billion.
Ethereum strategies are risky. But if they work, they can also drive up the price of Treasuries. In a post on the platform X, analyst RaAr3s comments: “If ETH continues to be the backbone of the financial world, it was a brilliant decision. If it doesn't, there's nothing behind it.”
Since the beginning of the year, Sharplink’s (SBET) share price has risen by 141 percent.

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