Sharplink Gaming continues to swing wildly after its Ethereum pivot
SharpLink Gaming (NASDAQ:SBET) rose 3.3% in Tuesday premarket trading to follow on Monday's 46% pop. The stock has been wildly gyrating ever since announcing its pivot to being a holder of Ethereum (ETH-USD).
Last week, SharpLink Gaming (NASDAQ:SBET) announced the strategic acquisition of 176,270.69 ETH for an aggregate purchase price of $462.95M, at an average acquisition price of $2,626 per ETH.The acquisition positioned SBET as the largest publicly traded holder of ETH in the world, and the second-largest holder behind the Ethereum Foundation.
Notably, over 95% of SharpLink’s (SBET) ETH holdings are actively deployed in staking and liquid staking solutions.
Minneapolis-based SharpLink Gaming (SBET) was formerly known as an online performance marketing company specializing in affiliate marketing for the sports betting and online casino gaming industries before its apparent pivot. The company's mission was to connect sports fans and digital platforms with licensed sportsbook and casino partners through targeted, data-driven marketing strategies that focus on user acquisition, retention, and conversion.
SharpLink (SBET) trades with a market capitalization of over $816 million.
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