Shares of Sharplink Gaming (Sbet) rose after the online gaming company said it snapped another 7,689 ether (Eth) to his business box.
The move, part of its strategy to make the second largest cryptocurrency with a market capital on the backbone of its traders, lifted its total holdings to 205,634 ETH, the company says.
The Minneapolis-based online gaming company spent about $ 19.2 million on the latest purchase and paid an average of $ 2,501 per day. Coin. ETH is at the time of writing trading for $ 2,591.
The shares rose up to 26% to $ 15.93, the highest since they hit $ 37.18 on June 12, before recently fell back to trade around $ 14.55.
Sharplink Gaming also said it raised $ 64 million last week through a sales on the market with $ 37.2 million of the earmarked to buy more ETH in the coming days.
All the company’s ETH holdings are stacked or restored in protocols intended to earn dividends, it says. So far, the company has collected 322 ETH, about $ 2.1 million, in Staking Rewards since the start of the effort on June 2nd.
To help shareholders track how deeply the company’s economy is tied to crypto, Sharplink rolled out a new metric called ETH concentration. It measures the number of ETH contained for every 1,000 outstanding shares.
This figure has grown to 2.37 ETH from 2.00 in three weeks, according to the company.
Other companies have also seen their shares floating after moving on with Etherkat boxes. Monday, bit digital (BTBT) rose 18%after it said it swapped its BTC stack to ETH.
