SharpLink Gaming (SBET) stock surged 15.15% in pre-market trading on Tuesday, following the company's announcement of a significant increase in its Ethereum holdings. The surge comes as the company, now dubbed the "ETH Version of MicroStrategy," continues to aggressively expand its cryptocurrency treasury strategy.

According to an official announcement, SharpLink Gaming has increased its total Ethereum holdings to an impressive 205,634 ETH. The company revealed that between June 28 and July 4, it acquired an additional 7,689 ETH at an average purchase price of $2,501 per ETH, investing approximately $19.2 million in the process. This move signifies SharpLink's commitment to its Ethereum-focused treasury strategy, which has caught the attention of crypto-savvy investors.

Adding to the positive sentiment, SharpLink Gaming also disclosed that it has earned 322 ETH in staking rewards since launching its treasury strategy on June 2, 2025. This additional income stream from staking appears to be boosting investor confidence in the company's cryptocurrency-focused approach. As SharpLink continues to accumulate Ethereum and benefit from staking rewards, market observers are drawing parallels to MicroStrategy's Bitcoin strategy, potentially positioning SBET as a proxy for Ethereum exposure in the stock market.