SharpLink Gaming Shares Rise After Company Further Adopts Ether Crypto

By Natalie Weger

SharpLink Gaming shares rose after the company said it has become the world's largest corporate holder of ether cryptocurrency.

Shares rose 10.5% to $26.38. The stock has more than tripled this year.

SharpLink, which aims to adopt ether as its primary treasury reserve asset, said on Tuesday that it held 280,706 ether as of Sunday. The company purchased 74,656 ether at a weighted average price of $2,852 last week, it said.

The Minneapolis-based company said it raised $413 million net proceeds through its at-the-market facility, issuing more than 24.6 million shares of common stock last week. As of Friday, SharpLink has allocated 99.7% of its ether holdings to staking protocols in an effort to maximize returns from its ether treasury.

Write to Natalie Weger at natalie.weger@wsj.com