SharpLink stock rises 28% after 7,689 Ethereum purchase at $2.5K

SharpLink Gaming has increased its Ethereum (CRYPTO:ETH) holdings by 7,689 ETH between June 28 and July 4, 2025, purchasing at an average price of $2,501 per coin.

This acquisition raised the company’s total Ethereum reserves to 205,634 ETH.

The announcement triggered a 28 percent rise in SharpLink’s stock (NASDAQ:SBET) as investors reacted to its strategic shift toward Ethereum.

To support this expansion, SharpLink utilised its At-The-Market facility, raising approximately $64 million by issuing nearly 5.5 million shares.

On July 3 alone, the company generated $37.2 million in net proceeds, which it plans to allocate toward further Ethereum purchases.

SharpLink has directed all Ethereum holdings into yield-generating blockchain protocols through staking and restaking, earning about 100 ETH in rewards between late June and early July.

Since initiating staking on June 2, total returns have reached 322 ETH.

“The Bybit exploit indicates that the regime is intensifying its ‘flood the zone’ technique—overwhelming compliance teams, blockchain analysts, and law enforcement agencies with rapid, high-frequency transactions across multiple platforms, thereby complicating tracking efforts.” TRM Labs noted.

SharpLink’s ETH Concentration, representing Ethereum held relative to diluted shares, increased from 2.00 to 2.37 in three weeks, a 19 percent rise.

This figure excludes potential acquisitions from the unspent $37.2 million raised recently.

Ethereum’s price also surpassed $2,600, gaining over 3 percent in the last day.

Analysts note positive technical indicators, including ETH holding above $2,500 and breaking above the EMA50 after nine weeks.

On-chain data shows significant activity, such as a U.S. government-linked wallet moving 86.56 ETH to Coinbase Prime and whales purchasing 200,000 ETH recently.

Some forecasts project Ethereum’s price could reach $706,000, reflecting confidence in its long-term role in global finance.

At the time of reporting, Ethereum price was $2,783.29.