Shares of sports betting company SharpLink Gaming closed Tuesday with a 7% gain after the firm boosted its Ether holdings by $30 million.
SharpLink Gaming Ether Acquisition
SharpLink announced it purchased 12,207 Ether (ETH) at an average price of $2,513 each during the week ended June 20. The company now holds over 188,000 ETH valued at $457.4 million.
Impact on Stock Price
SharpLink shares (SBET) rallied more than 7% by the close of Tuesday’s trading session to $9.66. The stock gained an additional 1.14% after hours, ending at $9.77.
Institutional Interest in Ether
There has been a rise in institutional demand for Ether in recent weeks. Large Ether holders initiated leveraged long positions despite market volatility, with more than 35 million Ether now staked, representing over 28% of the total supply.
SharpLink Gaming's substantial investment in Ether, along with the rise in share prices, highlights current trends in the cryptocurrency market and institutional investor interest in Ether.
