SharpLink Gaming Stock Climbs Over 5% In Monday Pre-Market: What's Going On?

SharpLink Gaming SBET climbed 5.28% during Monday pre-market amid reports that the company is making significant strides in its Ethereum ETH/USD strategy, nearing a substantial milestone with a recent major acquisition.

What Happened: On Monday, Blockchain analysis platform Lookonchain, in a post on X, disclosed that SharpLink procured 77,210 ETH, valued at roughly $295 million. This acquisition increases the company’s total Ethereum reserves to 438,017 ETH, worth approximately $1.69 billion.

SharpLink(@SharpLinkGaming) bought another 77,210 $ETH($295M) and currently holds 438,017 $ETH($1.69B).https://t.co/143CVq5E6U pic.twitter.com/Oa4dQ9XFGF

— Lookonchain (@lookonchain) July 28, 2025

Although the company has not officially confirmed this latest acquisition, it indicates a strong push towards its 500,000 ETH target. If this happens, this would establish SharpLink as the second-largest known corporate holder of Ethereum, behind only BitMine Immersion, which holds approximately 566,800 ETH worth $2.21 billion.

The newly acquired ETH by SharpLink was staked in batches of 3,200 ETH through Figment, a top provider of institutional staking infrastructure, reported  Arkham Intelligence. This move indicates that SharpLink's Ethereum-centric strategy is aligning with early market signals.

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Why It Matters: This recent purchase is a significant step in SharpLink Gaming’s Ethereum strategy, which has been a focus of the company’s recent activities. Just a week before this acquisition, the company announced a 29% increase in its Ethereum holdings, solidifying its position as the world’s second-largest corporate Ethereum holder. This news led to a surge in the company’s stock.

However, this strategy has not been without its challenges. Earlier in the month, SharpLink’s shares took a hit after the company filed to sell an additional $5 billion in stock to fund its Ethereum acquisitions. Despite this, the company’s stock rebounded, and the recent purchase indicates that SharpLink is continuing to pursue its Ethereum strategy.

On the other hand, BitMine Immersion, the current largest known corporate Ethereum holder, announced on July 24 that its Ethereum holdings had surpassed $2 billion. This news also led to a rise in the company’s stock, indicating the growing significance of Ethereum holdings in the gaming industry.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.