Latest news with #SBET
Yahoo
16 hours ago
- Business
- Yahoo
SharpLink's Ether Bet Surpasses $1.3B After Latest Purchase
SharpLink Gaming (SBET), the ether (ETH) treasury company led by Ethereum co-founder Joseph Lubin, continued its buying spree bringing total holdings above $1.3 billion. The firm said in a Tuesday press release that it acquired 79,949 ETH over the last week at an average price of $3,238, its largest weekly purchase ever. With the latest acquisition, the firm held 360,807 ETH as of July 20, worth roughly $1.33 billion at current prices. The company still has $96.6 million of funds raised by selling shares through its at-the-market equity for more ETH purchases, the company said. SBET shares were 6% up in premarket trading even as ETH slipped 2.4% over the past 24 hours. SharpLink announced a pivot to a crypto treasury strategy centered on Ethereum in late May, taking a page of bitcoin-focused playbook of Michael Saylor's Strategy. Joseph Lubin, who is also the CEO of Ethereum development firm Consensys, joined the firm as chairman. The firm has quickly become one of the largest corporate owner ETH, the second-largest cryptocurrency by market cap, while operating validators and staking the tokens to earn a reward. Last week, it announced to raise the ATM facility to $6 billion to raise more funds by selling shares for ETH acquisitions. Lubin also praised the recent signing of the GENIUS Act by President Trump into law, calling the legislation a watershed moment that provides regulatory clarity for blockchain and digital assets in the U.S. "With the Genius Act now law, the regulatory uncertainty that has surrounded crypto innovation is finally easing," Lubin said in a statement. "We believe this ushers in a more supportive environment for companies like SharpLink to not onlyoperate and grow, but also to harness the full potential of Ethereum — including its security, scalability and smart contract utility — to drive profound, transformative change across the global digital economy."Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Prediction: SharpLink's Ethereum Move Is Just the Beginning
Key Points A handful of publicly traded companies, including SharpLink Gaming, have now embraced the Ethereum treasury company model. Just like the Bitcoin treasury company model, it relies on raising money from investors to buy crypto. It remains to be seen if a strategy created for Bitcoin will be just as successful for Ethereum. 10 stocks we like better than Ethereum › Something very interesting is going on with Ethereum (CRYPTO: ETH) right now. Small, relatively unknown companies are starting to add Ether, the native coin of the Ethereum blockchain, to their balance sheets as part of a new strategy designed to lift their stock market valuations. And so far, it's working. Case in point: during the past 30 days, shares of SharpLink Gaming (NASDAQ: SBET) are up a whopping 150% (as of July 18). SharpLink Gaming has attracted so much attention with its new crypto strategy that it's almost certain to attract other companies as well. The Ethereum treasury company model In a very short time, SharpLink Gaming has become the largest corporate holder of Ether coins on the planet. It now holds 280,706 coins, worth about $960 million at recent prices. To put that figure into perspective, that's more Ether than even the nonprofit Ethereum Foundation holds. In early July, the company raised more than $400 million for its Ether war chest. After its latest buy in mid-July, it still has more than $250 million for future purchases, so it's likely that we'll be hearing more from SharpLink Gaming soon. If this strategy sounds familiar, that's because the Ethereum treasury company model is a replica of the Bitcoin (CRYPTO: BTC) treasury company model pioneered by Strategy (NASDAQ: MSTR), the company formerly known as MicroStrategy. The concept is very simple: Instead of using cash from operations to fund crypto purchases, you tap the capital markets for funding. Once you have this funding lined up, you go on a crypto buying spree. All of this works as long as the price of the cryptocurrency continues to go up. We've seen this work with Bitcoin, because the price of Bitcoin -- aside from a few pullbacks here and there -- has mostly gone up during the past 24 months. The same might be said for Ethereum, which is up 7% in 2025 (as of July 18) after registering losses for much of the year. It remains to be seen if Ethereum can deliver the same type of performance as Bitcoin, which is up 30% in the same period. The growth of Ethereum treasury companies For now, only a handful of publicly traded companies have adopted this strategy. Two other notable examples are Bitmine Immersion Technologies (NYSEMKT: BMNR) and Bit Digital (NASDAQ: BTBT). Both announced their pivots to this model in June. Now that the groundwork has been laid, it's easy to see how other companies could be tempted to jump in. The price of Ether is still only $3,600, which makes raising money from investors easier than raising money to buy Bitcoin at about $120,000. The lower barrier to entry is likely to be much more attractive for small-cap companies with relatively limited access to the capital markets. Should you invest in Ethereum treasury companies? Right now, I have mixed feelings about SharpLink Gaming, which is also a marketing partner for sports betting books and online casino operators. Just look at this chart, and you'll see why I think it's a risky gamble: In mid-2025, the company's stock had been flatlining. Nothing it did could get its stock price up. Until, of course, it latched on to the idea of investing in Ethereum. And I'm not very enthusiastic about Bitmine Immersion Technologies, either. Granted, it now has renowned investment strategist Tom Lee of Fundstrat as its chairman. That gives it a lot of power to reach out to investors for more capital. But what in the world is a Bitcoin mining company doing buying Ether? It doesn't make any sense to me. We can ask the same about Bit Digital, which is now winding down its Bitcoin mining operations. How can you be an evangelist for Ethereum when your core DNA is rooted in Bitcoin? That's why I'm starting to appreciate Strategy more and more these days. While Michael Saylor, the founder and executive chairman of the company, can be a bit over the top in his predictions, he's a strong evangelist for Bitcoin. I get the impression that, from the moment he wakes up to the moment he goes to bed, he's thinking about Bitcoin. That's the type of person I want running a crypto treasury company. So before you invest in an Ethereum treasury company, make sure you do your due diligence. Only a small handful of them may ever turn into long-term plays worthy of your investment. Should you invest $1,000 in Ethereum right now? Before you buy stock in Ethereum, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Ethereum wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,056,790!* Now, it's worth noting Stock Advisor's total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025 Dominic Basulto has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy. Prediction: SharpLink's Ethereum Move Is Just the Beginning was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
SharpLink (SBET) Skyrockets 29% as Firm Now Largest Ethereum Holder
We recently published . SharpLink Gaming, Inc. (NASDAQ:SBET) is one of Wednesday's top performers. SharpLink Gaming extended its winning streak to a 7th consecutive day on Wednesday, jumping 29.03 percent to close at $37.38 apiece following news that it has become the largest holder of Ethereum cryptocurrencies globally. This followed the acquisition of 74,656 ETH last week, propelling its total ownership of the cryptocurrency to 280,706. The assets were acquired between July 7 and 13 at a weighted average price of $2,852 each. 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. Based on its historical earnings reporting dates, SharpLink Gaming, Inc. (NASDAQ:SBET) is slated to announce the results of its second quarter earnings performance in the second week of August 2025. 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
SharpLink (SBET) Soars 33.86% on ETH Leadership
We recently published . SharpLink Gaming, Inc. (NASDAQ:SBET) is one of this week's biggest players. 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.
Yahoo
5 days ago
- Business
- Yahoo
'King of ETH' SharpLink (SBET) Soars 387% YTD
We recently published . SharpLink Gaming, Inc. (NASDAQ:SBET) is one of the top-performing mid-cap companies of the first half of the year. SharpLink Gaming has grown its share prices by a whopping 387 percent year-to-date, finishing Wednesday at $37.38 versus $7.68 in the last trading day of December 2024. On Wednesday, SharpLink Gaming, Inc. (NASDAQ:SBET) said it has become the largest holder of Ethereum cryptocurrencies globally following the acquisition of 74,656 ETH last week that pushed its total ownership of the cryptocurrency to 280,706. The assets were acquired between July 7 and 13 at a weighted average price of $2,852 each. 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. Two gamers enjoying an immersive experience playing together online via their gaming console. In May this year, the company also announced its intention to raise $1 billion through a share sale for the acquisition of more Ether coins. In a regulatory filing, SharpLink Gaming, Inc. (NASDAQ:SBET) said it intended to use a substantial amount of the proceeds to acquire Ether, while the balance will be used to fund working capital needs, general corporate purposes, operating expenses, and core affiliate marketing operations. 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
