Sharplink is fully committed to Ethereum: share pops up almost 30 percent

The course of Sharplink Gaming made a spectacular jump yesterday. The American sports tech company again invested millions in Ethereum (ETH), which was immediately rewarded on the stock exchange. But how shelf life is the strategy that Sharplink now seems to be completely embraced?

Millions of returns from strike since June

Sharplink Gaming has bought 7,689 Ethereum in a short time, for a total amount of more than 19 million dollars. This increases the total of Ethereum in the hands of the company to 205,634 ETH, with a value of more than 533 million dollars.

The news led to a sharp rise in the stock price yesterday. The share closed more than 28 percent higher at $ 16.29 and rose another 4.36 percent on the market after closure.

The ether purchases took place between 28 June and 4 July, at an average price of $ 2,501 per ETH. Sharplink uses the full amount for strike and resting, a strategy in which users earn returns by temporarily securing their crypto.

Since 2 June, the company has earned 322 ETH of rewards in this way, converted around $ 848,750. According to the company, this fits into a broader strategy where it focuses entirely on Ethereum.

Ethereum Cophounder leads Koers Sharplink

Sharplink raised $ 64 million in new capital in the same period, through the issue of 5.4 million shares. A “large part” of that amount is intended for future Ether purchases. Earlier, the company indicated that it wants to sell up to 1 billion dollars in shares to further finance its Ethereum strategy.

The strategy has not gone unnoticed. Joseph Lubin, co-founder of Ethereum and chairman of Sharplink, spoke about “a persistently refined Treasury strategy”. According to him, the success is due to “discipline in execution and transparency towards the market”.

The choice of Sharplink differs from the wider pattern among listed companies, which usually opt for Bitcoin. Yet there are more examples of companies that focus on other cryptos, such as BIT Digital, that is Bitcoin sold to buy ether, and the Chinese Nano Labs, which bought 50 million dollars from BNB.