SharpLink Gaming’s $680M Trading Volume Plummets 23.38% to Rank 127th Amid $537M ETH Expansion and Financing Surge

On August 19, 2025, SharpLink Gaming (SBET) reported a trading volume of $680 million, a 23.38% decline from the previous day, ranking 127th in market activity. The stock closed down 8.65% for the session.

SharpLink disclosed a significant expansion of its Ethereum (ETH) holdings, increasing its total stash to 740,760 tokens following the purchase of 143,593 ETH at an average price of $4,648. The company also raised $537 million in capital through two financing channels: $146.5 million via its ATM facility and $390 million from a registered direct offering. Staking rewards accumulated to 1,388 ETH since the company’s treasury strategy began on June 2. Additionally, its “ETH Concentration” metric—measuring ETH holdings per 1,000 diluted shares—rose to 3.87, a 94% increase from June 2. SharpLink retains $84 million in undeployed cash for further ETH acquisitions.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day from 2022 to now delivered moderate returns. The 1-day return was 1.98%, with a total return of 7.61% over the past year. While the strategy showed stability, the returns were modest, and the Sharpe ratio was low at 0.71, indicating modest risk-adjusted returns.