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Ethereum treasury company SharpLink Gaming's stock was up Tuesday after the company announced another $ETH buy, bringing its total holdings of the second-biggest cryptocurrency to 205,634 coins—or over $527 million worth.
The gambling marketing firm's stock (NASDAQ: SBET) was recently trading at nearly $16 a share, up nearly 26% over the past day.
SharpLink said Tuesday that it bought 7,689 $ETH during the week spanning June 28 to July 4, at a weighted average price of $2,501 per coin.
NEW: SharpLink now holds ~205,634 $ETH
Between June 28 and July 4, SharpLink acquired ~7,689 $ETH for ~$19.2M at an average price of ~$2,501 per $ETH
During that same period, the company raised an additional ~$64.2M through its ATM facility, selling ~5.4M shares
SharpLink has… pic.twitter.com/bhS0K1ZBul
— SBET (SharpLink Gaming) (@SharpLinkGaming) July 8, 2025
SharpLink Chairman of the Board, Ethereum co-founder, and Consensys CEO Joe Lubin said in a statement: "By continuously refining our treasury strategy and adopting innovative transparency metrics like $ETH Concentration, we're not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset stewardship in today's public markets." (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)
The company said that "$ETH Concentration" is a new metric that gives investors an idea of how much their shares are exposed to the cryptocurrency. SharpLink said that it calculates the metric by dividing the total $ETH held by 1,000 assumed diluted shares outstanding—or the total number of all assets in a company were converted into shares.
SharpLink started buying $ETH in May and is the one of the newer companies to put crypto on its balance sheet—along with many other Nasdaq-listed firms.
Such companies are following the approach of Strategy (formerly known as MicroStrategy), a software firm that in 2020 started buying Bitcoin as a way to get a better return for shareholders. It now holds 597,325 BTC, worth $65 billion, and has inspired a growing stack of followers.
Strategy now works to securitize Bitcoin—or allow investors to buy its stock in order to get safe, regulated exposure to the cryptocurrency. The firm's co-founder and chairman Michael Saylor has said that buying Bitcoin can make a company "live forever."
Other Nasdaq-listed companies have followed suit—albeit mostly smaller, lesser-known entities—by buying assets like Bitcoin, Ethereum, Solana, and XRP. Typically, these companies have achieved at least short-term stock price gains, sometimes with massive spikes.
$ETH was recently trading for $2,565 per coin, up 1% over a 24-hour period, according to crypto data provider CoinGecko. Ethereum has risen nearly 6% over the past month, but remains about 48% below its 2021 all-time high of $4,878.