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SharpLink Gaming purchases an additional 7.689 ETH, stock rises 26%
SharpLink Gaming's stock (NASDAQ: SBET) rose nearly 26% on July 8 after the company announced it had increased its total Ethereum (ETH) holdings to over 205,000 ETH, worth approximately 533 million USD.
The company purchased an additional 7.689 ETH at an average price of 2,501 USD, using funds from the 64 million USD raised last week.
All ETH is being staked in DeFi, generating 322 ETH in profit since June 2.
SharpLink introduces the ETH Concentration index, currently at 2.37 ETH/1,000 shares, indicating a rapid accumulation rate.
On the same day, Bit Digital also announced that it had sold all BTC to switch to ETH, indicating that ETH is gradually becoming the new corporate reserve asset.