Shares of Sharplink Gaming Inc (NASDAQ:SBET) are trading higher Wednesday, continuing a rally ignited by recent cryptocurrency announcements. The stock’s momentum follows Tuesday’s news that the company has officially become the world’s largest corporate holder of Ethereum (CRYPTO: ETH).
What To Know: SharpLink disclosed it now holds 280,706 ETH as of July 13. This milestone was achieved through a recent purchase of 74,656 ETH at an average price of $2,852.
The company funded these buys by raising approximately $413 million in net proceeds through its at-the-market equity facility. Signaling its bullish outlook, SharpLink confirmed it still has around $257 million earmarked for further ETH purchases.
Beyond accumulation, the company highlighted it is actively maximizing returns. SharpLink reported it has staked 99.7% of its ETH holdings, a strategy that has already generated 415 ETH in rewards since its launch on June 2.
The market has responded enthusiastically to this aggressive pivot towards an ETH-centric treasury strategy. The news sent shares soaring over 17% on Tuesday, with the rally extending into Wednesday as investors embrace the company’s crypto strategies.
Benzinga Edge Rankings: Based on Benzinga Edge stock rankings, SBET presents a mixed but distinct profile for traders. The stock boasts an exceptional Momentum score of 99.18, placing it in the top percentile of stocks based on its recent price performance and indicating a powerful uptrend.
In stark contrast, it receives a very low Value score of 1.12, which suggests the stock may be considered significantly overvalued based on fundamental financial metrics when compared to its peers.
This profile highlights a classic high-momentum stock that is attracting significant investor interest, though it may not appeal to those focused on traditional value investing.
Price Action: According to data from Benzinga Pro, SBET shares are trading higher by 19.9% to $34.73 Wednesday morning. The stock has a 52-week high of $124.12 and a 52-week low of $2.26.
Read Also: SharpLink Gaming Stock Gains After Announcing Ethereum Purchase
How To Buy SBET Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in SharpLink Gaming’s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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