Shares of SharpLink Gaming (SBET) surged after the online gaming firm said it snapped up another 7,689 ether (ETH) for its corporate treasury.
The move, part of its strategy to make the second-largest cryptocurrency by market cap the backbone of its corporate treasury, lifted its total holdings to 205,634 ETH, the company said.
The Minneapolis-based online gaming firm spent roughly $19.2 million on the latest purchase, paying an average of $2,501 per coin. ETH is at the time of writing trading at $2,591.
The shares climbed as much as 26% to $15.93, the highest since they hit $37.18 on June 12, before dropping back to trade recently around $14.55.
SharpLink Gaming also said it raised $64 million last week through an at-the-market share sale, with $37.2 million of that earmarked for buying more ETH in the coming days.
All of the company’s ETH holdings are staked or restaked in protocols meant to earn yield, it said. To date, the company has collected 322 ETH, around $2.1 million, in staking rewards since starting the effort on June 2.
To help shareholders track how deeply the company’s finances are tied to crypto, SharpLink rolled out a new metric called ETH Concentration. It measures the number of ETH held for every 1,000 diluted shares outstanding.
That figure has grown to 2.37 ETH from 2.00 in three weeks, according to the company.
Other companies have also seen their shares soar after moving forward with ether treasuries. On Monday, Bit Digital (BTBT) surged 18% after it said it swapped its BTC stack for ETH.