SharpLink’s Ethereum Treasury Increases To 360,807 ETH, SBET Stock Up 16%

SharpLink Gaming has added more Ethereum to its balance sheets in a record-breaking week for the company. Amid the purchase announcement, the SBET stock has surged over 16%, reaching $29 in the process.

SharpLink Gaming Adds 79,949 ETH In A Week

According to a press release, SharpLink Gaming has extended its lead as the largest corporate holder of ETH with a fresh haul. Over the last seven days, the company scooped an impressive 79,949 ETH for $258 million at an average purchase price of $3,238 per coin.

The acquisition is SharpLink Gaming’s largest weekly buy and brings its holdings to 360,807 ETH, a 29% increase from the previous week. Currently, the company’s ETH concentration stands at 3.06, as confirmed by the press release, which reports that staking rewards have surged to 567 ETH since June 2.

The purchase announcement comes as ETH hit a six-month high of over $3,800, while the SBET stock has also matched this market optimism. At press time, TradingView data shows that the stock price is up over 16%, trading just below $30.

“The continued strength of ETH and our ability to acquire significant volume at opportunistic prices support our aim to continue enhancing ETH concentration and shareholder value through disciplined execution of our treasury growth strategies,” said SharpLink Gaming Chairman Joseph Lubin.

Despite its leading position, SharpLink’s pole position is under threat from the incoming Ether Machine with $1.6 billion in ETH capital. Upon launch, Ether Machine will hold over 400,000 ETH on its balance sheet, exceeding SharpLink’s holdings.

Apart from Ether Machine, SharpLink Gaming is also facing stiff competition from BitMine Technologies with over 300,000 ETH on its balance sheet. As CoinGape reported, Bit Digital has also expanded its treasury to 120,306 ETH.

Joseph Lubin Says GENIUS Act Signing Will Jolt ETH Treasury Operations

Lubin has hailed the signing of the GENIUS Act into law as a needle-moving event for Ethereum. The Consensys CEO notes that the new regulation offers clarity to Ethereum treasury companies keen on adding the asset to their balance sheet.

“We believe this ushers in a more supportive environment for companies like SharpLink to not only operate and grow, but also to harness the full potential of Ethereum,” said Lubin.

Amid the fresh regulatory clarity, SEC Chair Paul Atkins disclosed that the agency considers Ethereum not a security. Meanwhile, ETH ETFs are riding the wave of the positive cryptocurrency regulations to reach previously unseen highs in inflows. Ethereum is trading at $3,674, gaining 19.87% in the last seven days.