SharpLink Doubles Down: $73M ETH Purchase Sparks 10% Stock Surge in Single Day
Another massive crypto bet pays off—at least for now.
SharpLink just dropped $73 million into Ethereum, and Wall Street responded with a standing ovation. The company's stock rocketed 10% in 24 hours, proving once again that nothing excites bagholders like doubling down on digital assets.
The institutional ETH shopping spree
While retail traders get liquidated on leverage, SharpLink's latest buy adds to their growing crypto treasury. The move comes as Ethereum shows renewed strength—though cynics might note the stock pump conveniently distracts from last quarter's underwhelming earnings.
When corporations play crypto casino
The 10% share price jump reveals more about market psychology than fundamentals. Traders cheer the ETH purchase like it's 2021, while conveniently ignoring that $73M could've covered two full quarters of R&D—or bought actual productive assets.
One thing's certain: in today's market, nothing boosts a stock faster than flashing crypto credentials. Even if the only blockchain you've mastered is the one tethering you to increasingly risky bets.
Source: Arkham
The ETH was transferred from a Coinbase Prime hot wallet, which shows active movement of assets including Ether, Shiba Inu, and Uniswap (UNI), based on Arkham’s data.
SharpLink has quickly become one of the most aggressive Ethereum buyers in the corporate world. Since launching its ETH treasury strategy in late May, the company has reportedly accumulated around 294,000 ETH, with 74,464 ETH staked, according to EmberCN.
The crypto pivot came after a $425 million private placement led by Ethereum co-founder and Consensys CEO Joseph Lubin, who now serves as SharpLink’s chairman.
The Nasdaq-listed company was initially famous due to its affiliate marketing and iGaming software, but it has adopted Ethereum as its long-term development strategy.
According to CoinMarketCap, Ethereum briefly hit above $3,000 on Monday, but settled at around $2,972, a drop of 2.38 percent in 24 hours.
SharpLink is yet to publicly verify the most recent ETH acquisition or report its new ETH holdings.
Also Read: Ethereum Whale Makes $10 Million Profit in Just 3 days
