SBET Stock Jumps After 73% Weekly Rally, as Largest Corporate Holder of ETH Stays in Focus

SharpLink Gaming (SBET) shares jumped another 10% as Ethereum prices continued to climb, along with other crypto-related assets. Meanwhile, BMNR and BTCS also saw their shares surge more than 8% as investors celebrated the passing of the Genius Act.

SBET shares have surged 73% so far this week, as the company continues purchasing Ethereum and has now become the largest corporate holder of ETH. The company has effectively transformed into a high-volatility Ethereum proxy.

According to its website, SharpLink describes itself as one of the first Nasdaq-listed companies to develop a treasury strategy centered on Ethereum. On Tuesday, the company announced it had officially become the world’s largest corporate holder of ETH, holding 280,706 ETH as of July 13, 2025.

SharpLink’s strategy to acquire ETH mirrors that of MicroStrategy with Bitcoin. For instance, the company raised $413 million in net proceeds by issuing stock between July 7 and 11, using part of the funds to purchase 74,656 ETH from the public market. It still has $257 million yet to be committed to further ETH purchases.

Additionally, the company directly purchased 10,000 ETH on the Ethereum mainnet from Ethereum’s founder in a private transaction last week.

The crypto celebration is largely driven by Trump’s Genius Act, which was approved by the House on Wednesday and now awaits President Trump’s signature. The act would, for the first time, establish a federal framework for payment stablecoins. It mandates liquid-asset backing, independent audits, monthly disclosures, and dual federal-state oversight. The broader crypto market stands to benefit from these regulatory developments and the adoption of crypto-based treasury strategies.

Meanwhile, Trump ally Peter Thiel has also voiced support for Ethereum. His Founders Fund holds a 9.1% stake in BitMine Immersion Technologies Inc., a Bitcoin miner that recently pivoted to a treasury strategy tied to Ether. This further boosted crypto sentiment and prices.