SharpLink Gaming (SBET) saw its stock price soar by 9.91% in overnight trading, following reports of a massive cryptocurrency investment by the company. The surge comes amidst a broader rally in crypto-related stocks, with SharpLink's move standing out due to its scale and strategic nature.
According to on-chain analyst Yu Jin, SharpLink Gaming appears to have purchased a staggering 77,206 Ethereum (ETH), valued at approximately $2.96 billion, over the weekend. What's more, the company has reportedly staked all of this newly acquired Ethereum, signaling a long-term commitment to the cryptocurrency space.
The transaction details reveal a complex series of moves involving multiple parties and exchanges. SharpLink Gaming initially transferred 145 million USDC to Galaxy Digital, which then facilitated the purchase of Ethereum from various exchanges including Binance, OKX, Kraken, Bybit, and Gate. This strategic move positions SharpLink Gaming as a significant player in the crypto market, potentially opening up new revenue streams and diversifying its business model beyond its traditional gaming focus.
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