SharpLink Gaming, Inc. ( SBET ) shares are trading higher Tuesday after the company announced major updates on its Ethereum holdings and staking activities.

What To Know: The company disclosed that it now holds 280,706 ETH, officially making it the largest corporate holder of Ether. This development follows a series of aggressive purchases, including 74,656 ETH acquired between July 7 and July 13 at an average price of $2,852.

To fund these purchases, SharpLink raised approximately $413 million in net proceeds by issuing over 24.5 million shares through its At-The-Market equity facility. The company still has around $257 million in proceeds that it plans to allocate toward further ETH acquisitions. The company’s strategy includes maintaining investor transparency by providing regular updates on its treasury operations.

In addition to its ETH accumulation, SharpLink reported significant progress in staking. As of July 11, the company had allocated 99.7% of its ETH holdings to staking protocols. This strategy has already generated 415 ETH in rewards since its launch on June 2, with 94 ETH earned in just the past week. The move underscores SharpLink's focus on maximizing returns from its crypto treasury rather than merely holding digital assets passively.

The company also highlighted its proprietary “ETH Concentration” metric, designed to measure ETH exposure relative to its capital structure. Since the start of its ETH purchases in June, this concentration has increased by 23%, reflecting the company’s aggressive accumulation and staking strategy.

SBET Price Action: SharpLink shares were up 18.6% at $28.34 at the time of writing, according to Benzinga Pro.

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