Shares of Minnesota-based affiliate marketing company SharpLink Gaming surged over 7% following the announcement of a new $30 million Ethereum purchase.
Ethereum Acquisition by SharpLink Gaming
SharpLink Gaming reported purchasing 12,207 ETH at an average price of $2,513, totaling around $30.7 million. This marks the company's second Ethereum acquisition in recent times.
Funding of the Purchase and Increase in Shares
To fund the Ethereum purchase, SharpLink Gaming sold 2.54 million shares, raising $27.7 million. These funds are also aimed at bolstering the company's Ethereum treasury.
Current Stock Price and Market Analysis of Ethereum
According to Google Finance, SharpLink Gaming's shares closed at $9.66 following a spike. Despite the recent upswing, the stock remains down by over 29% over the past five days and more than 73% over the last month. Ethereum has shown a modest gain of 1% during the same period.
SharpLink Gaming continues to actively expand its Ethereum holdings while adapting to market changes, despite short-term fluctuations in its stock price.
