SharpLink ETH Holdings Surge, Led by Lubin

SharpLink Gaming shares surged nearly 26% after the company announced it had increased its Ethereum (ETH) holdings to 205,634 coins, valued at over $527 million, following a recent purchase of 7,689 ETH for approximately $19.2 million. The Minneapolis-based firm has pursued an aggressive ETH-centric treasury strategy since May, using $64 million raised through at-the-market share sales, with $37.2 million set aside for further ETH acquisitions. All ETH holdings are staked or restaked in DeFi protocols, generating 322 ETH in rewards since June 2. SharpLink introduced an 'ETH Concentration' metric, raising its ETH per 1,000 diluted shares to 2.37 from 2.00 within three weeks. The company’s shift mirrors a broader corporate trend of moving treasuries into digital assets, with firms like Bit Digital also pivoting from Bitcoin to Ethereum. SharpLink's chairman, Ethereum co-founder Joseph Lubin, highlighted the firm's disciplined treasury management and commitment to shareholder value.