SharpLink Gaming's SBET Shares Surge 4.67 Intraday Then Close 0.13 Higher With 63rd Volume Rank as 400M Raise Boosts Ethereum Holdings Beyond 3 Billion

SharpLink Gaming (SBET) closed August 13 at $23.55, up 0.13% from its overnight session close, following a 4.67% intraday gain. The stock traded with a 20.9% drop in volume compared to the prior day, ranking 63rd in market activity. The move coincided with a $400 million registered direct offering to institutional investors, set to close by August 12, which will bolster the company’s Ethereum (ETH) holdings beyond $3 billion.

The offering, priced at $21.76 per share, marks the latest in a series of capital raises totaling nearly $900 million since August 5. SharpLink’s current ETH holdings stand at 598,800 coins, valued at $2.57 billion, positioning it as the second-largest publicly traded ETH holder. The company’s strategic pivot to Ethereum as a core treasury asset has driven year-to-date stock gains of 206.25%, outpacing the S&P 500’s 9.95% return.

Co-CEO Joseph Chalom highlighted the institutional backing as validation of Ethereum’s long-term potential, noting the “speed and scale” of investments reflect growing market confidence. However, the stock experienced a 6.6% decline on Monday following the announcement, reversing prior gains. Short-term volatility remains a risk, as ETH’s 44.5% 30-day rally has intensified exposure to crypto market fluctuations.

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