SharpLink Gaming Surges 2.40 as $1.94 Billion Volume Tops 500 Stocks Fueling $2 Billion ETH Treasury Expansion

SharpLink Gaming (SBET) surged 2.40% on August 8, 2025, with a trading volume of $1.94 billion, marking a 59.64% increase from the previous day. The stock’s performance coincided with the company’s announcement of a $200 million direct offering to expand its Ethereum (ETH) treasury beyond $2 billion. The funds, raised at $19.50 per share, were secured through agreements with four institutional investors and are earmarked for ETH acquisitions. The offering, set to close on August 8, will bolster SharpLink’s existing 521,939 ETH holdings, valued at nearly $2 billion, and align with its strategy of staking ETH to generate on-chain yields.

The move reflects SharpLink’s positioning as a corporate ETH treasury operator, leveraging Ethereum’s role in smart-contract infrastructure and staking rewards. The company’s stock has historically correlated with ETH price movements, as seen in its recent surge following Q1 earnings and a 4.5% ETH price increase. Institutional backing and the firm’s focus on ETH-per-share growth have reinforced investor confidence, though risks remain tied to crypto market volatility and regulatory shifts. The transaction, facilitated by A.G.P. and Société Générale, underscores growing corporate adoption of digital assets for treasury diversification.

The strategy of purchasing the top 500 stocks by daily trading volume and holding them for one day delivered a 166.71% return from 2022 to the present, outperforming the benchmark return of 29.18% by 137.53%. This highlights the role of liquidity concentration in short-term performance, particularly in volatile markets.