Ethereum News Today: SharpLink Gaming Stock Tumbles 6.6% After $400M ETH Treasury Funding

SharpLink Gaming (NASDAQ: SBET) witnessed significant intraday volatility following the announcement of a $400 million registered direct offering aimed at expanding its Ethereum (ETH) treasury. The firm, which operates in the online gambling and crypto gaming sector, revealed plans to sell shares at $21.76 each to five institutional investors, with the deal expected to close on August 12, 2025 [1]. The offering is part of a broader $900 million fundraising effort over the past week, signaling a strategic commitment to increasing its ETH holdings [3].

The stock initially responded positively, with shares surging to a high of $28 from an opening near $24 on the news. However, the gains were short-lived, and SBET ended the trading day down more than 6.6% at $22.34 [2]. Despite the intraday drop, the stock has gained over 17% in the past seven days, reflecting ongoing investor interest in the firm’s Ethereum-focused strategy [5]. SharpLink’s co-CEO, Joseph Chalom, emphasized the “growing recognition of Ethereum’s transformative potential” and noted that the firm is on track to exceed $3 billion in ETH value in its corporate treasury [3].

The move has aligned SharpLink with a growing trend among publicly traded Ethereum treasury firms, including BitMine and Bit Digital, which collectively hold billions in ETH. Standard Chartered analysts have suggested that these firms could eventually hold up to 10% of all circulating Ethereum [1]. The broader Ethereum market has also seen a rebound, trading at $4,220 as of the time of writing—up 13.5% in the past week and more than 43% over the last month [3]. SharpLink’s Ethereum holdings currently amount to 598,800 ETH, valued at over $2.5 billion [3].

While the firm has not provided a formal price forecast for Ethereum, some market observers have speculated that SharpLink’s strategy is aimed at capitalizing on continued ETH price appreciation [4]. The company’s goal is to accumulate 1% of Ethereum’s total supply—approximately 1.2 million ETH—as of this writing. This aggressive acquisition strategy reflects a high level of confidence in Ethereum’s long-term prospects, as well as in SharpLink’s ability to benefit from its performance.

The sharp stock movement highlights the volatile nature of the crypto-gaming sector, where investor sentiment can shift quickly in response to macroeconomic conditions, regulatory developments, and broader market trends. The offering and subsequent stock performance illustrate the growing overlap between traditional equities and crypto assets, particularly as more firms adopt treasury models that mirror those of traditional corporations.

Sources:

[1] SharpLink Gaming, Inc. (SBET) Stock: Shares Swing as

https://coincentral.com/sharplink-gaming-inc-sbet-stock-shares-swing-as-company-seals-400m-direct-offering/

[2] SharpLink Gaming stock soars after $400M registered

https://ca.investing.com/news/stock-market-news/sharplink-gaming-stock-soars-after-400m-registered-direct-offering-93CH-4150331

[3] Crypto Short News – Latest Real-Time Updates

https://coinpedia.org/crypto-live-news/

[4] SBET News Today | Why did Sharplink Gaming stock go up

https://www.marketbeat.com/stocks/NASDAQ/SBET/news/

[5] Stock Market News

https://www.investing.com/news/stock-market-news/3