SharpLink Gaming (SBET) stock soared 5.03% in pre-market trading on Thursday, riding the wave of Ethereum's rally and positive sentiment in crypto-related stocks. The surge comes as Ethereum (ETH) extended its rally, jumping 7% in the past 24 hours to reach a six-month high of $3,422 before settling at $3,311.

SharpLink Gaming, now widely referred to as the "MicroStrategy of Ethereum" due to its aggressive treasury strategy, has positioned itself as the world's largest corporate holder of Ethereum. The company recently increased its holdings by 10,614 ETH, bringing its total to 296,508 ETH, valued at approximately $997 million. This strategic move has aligned SharpLink's fortunes closely with Ethereum's price movements, explaining the stock's sensitivity to ETH's rally.

Adding to the positive sentiment, the U.S. House of Representatives passed a key procedural vote on three major crypto bills on Wednesday, reversing its previous day's decision. This development has triggered a broad rally in crypto-related stocks, with SharpLink Gaming being one of the leading gainers. The advancing of these bills, including the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act, signals a potentially friendlier regulatory environment for cryptocurrencies and related businesses, further boosting investor confidence in companies like SharpLink Gaming.