SharpLink Gaming, Inc. (SBET) surged 10% as its Ethereum holdings reached a record 360,807 ETH following a $96.6 million capital injection through an At-The-Market facility. The company acquired 79,949 ETH during July 14-20 at an average price of $3,238 per token, marking a 29% weekly increase and tripling its reserves in under a month.
The ETH concentration ratio—measuring crypto holdings against total capital—rose to 3.06, a 53% jump since SharpLink launched its digital treasury strategy on June 2. Staking rewards generated 567 ETH during this period, with $96.6 million remaining for future ETH purchases. Chairman Joseph Lubin (Ethereum co-founder) emphasized the "strategic leverage" of capital allocation, stating: "Serious financial actors recognize Ethereum's decade of nonstop operation as a value anchor."
Concurrently, President Trump's signing of the Genius Act established regulatory frameworks for digital assets and smart contracts. Lubin hailed this as critical for reducing uncertainty, enabling SharpLink to "harness Ethereum's full potential" within compliant U.S. corporate structures. The Nasdaq-listed firm, now the world's largest corporate ETH holder, positions its treasury strategy as foundational for Web3 and DeFi integration.