SharpLink Gaming increases ETH holdings, driving stock price up by 26%

ChainCatcher news, according to CoinDesk, SharpLink Gaming (SBET) announced the purchase of 7,689 ETH for $19.2 million, bringing its total ETH holdings to 205,634 ETH (approximately $533 million). Following this news, the company's stock price rose by as much as 26% to $15.93.

SharpLink stated that of the $64 million raised through stock issuance last week, $37.2 million will be used to continue increasing its ETH holdings. The company also introduced a new metric called "ETH Concentration," which shows that for every 1,000 shares of outstanding stock, there are 2.37 ETH.