SharpLink (SBET) Soars 33.86% on ETH Leadership
SharpLink Gaming capped off the trading week, boasting a 33.86-percent gain to close at $28.98 versus the $21.65 close on July 11, as investors cheered its new leadership position in the cryptocurrency industry.
This came after announcements on Wednesday that it is now the largest holder of Ethereum cryptocurrencies globally following the acquisition of 74,656 ETH last week, pushing its total ownership to 280,706. The assets were acquired between July 7 and 13 at a weighted average price of $2,852 each.
Investors snapped up shares following the news, propelling its stock price by 80.51 percent during the week alone.
The transaction also coincided with SharpLink Gaming, Inc.'s (NASDAQ:SBET) successful raising of $413 million through the issuance of more than 24 million shares At-The-Market between July 7 and 11.
As of July 13, SharpLink Gaming, Inc. (NASDAQ:SBET) said approximately $257 million of the total proceeds have yet to be spent on ETH purchases.
While we acknowledge the potential of SBET as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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