Key Details:

• SharpLink Gaming’s shares surged by up to 26% after the announcement of acquiring an additional 7,689 ETH for its treasury.
• This purchase increased their total ETH holdings to 205,634, valued around $533 million.
• The Minnesotan online gaming company invested $19.2 million for this acquisition and plans to leverage a $64 million share sale to invest further into ETH, with all holdings currently staked to generate yield.

Shares of SharpLink Gaming (SBET) saw significant gains following the company’s announcement regarding their corporate treasury strategy, making Ethereum, the second biggest cryptocurrency by market capitalization, a central component. The company’s investment strategy aims to enhance shareholder value.

In the latest transaction, the firm notably acquired ETH at an average price of $2,501 per coin, while ETH is trading at approximately $2,591 at the time of reporting. SharpLink’s stock climbed to $15.93, hitting its highest point since mid-June, before stabilizing around $14.55.

Amid this, the company has also successfully raised $64 million via an at-the-market share sale, planning to allocate $37.2 million of that for further ETH purchases. Furthermore, all ETH assets are presently staked, resulting in 322 ETH accrued from staking rewards since the initiation of this treasury effort on June 2.

To assist investors in understanding the integration of cryptocurrency within its financial framework, SharpLink introduced a novel metric termed ETH Concentration, which assesses the quantity of ETH per 1,000 diluted shares outstanding, increasing from 2.00 to 2.37 within three weeks.