SharpLink Gaming Stock Plummets 22.47% in Two Days Amidst $6 Billion Ethereum Expansion Bid Ranking 23rd in Market Activity

On July 18, 2025, SharpLink Gaming (SBET) experienced a significant decline, with its stock price dropping by 20.38% over two consecutive days, resulting in a total decrease of 22.47%. The company's trading volume reached 28.99 billion, ranking it 23rd in the day's market activity.

SharpLink Gaming has recently filed to expand its Ethereum (ETH) holdings by increasing its At-The-Market (ATM) facility to $6 billion. This move is part of the company's strategy to bolster its ETH treasury, which already holds over 280,000 ETH. The amendment to the ATM facility was filed with the US Securities and Exchange Commission (SEC) and aims to use nearly all of the proceeds from the offering to expand the company's Ethereum reserves.

This expansion comes at a time when institutional interest in Ethereum is surging. BlackRock, a major asset manager, has filed to integrate staking into its iShares Ethereum Trust (ETHA), which has seen record inflows. This filing, along with SharpLink's increased ETH acquisition, highlights the growing institutional appetite for Ethereum as a treasury asset.

SharpLink's aggressive ETH acquisition strategy is not an isolated move. Other companies, including BitMine and BlackRock, have also been enhancing their ETH holdings. BitMine, for instance, has disclosed that its ETH holdings have crossed the $1 billion mark, indicating a broader trend among publicly traded companies to pivot towards an ETH treasury.

The company's focus on expanding its ETH holdings is part of a broader strategy to increase shareholder value through yield from staking and price appreciation. This strategy has been adopted by several other publicly traded companies, including Bit Digital, BTCS, and GameSquare, which have also increased their ETH per share through similar methods.