Sharplink Games shares (SBET) Online gaming company says it snaps up another 7,689 Ether (ETH) For the company’s finance department.
The move is part of its strategy to increase its total holdings to 205,634 ETH by market capitalization, by increasing its second largest cryptocurrency as the backbone of its company’s Treasury Department, The company said.
The Minneapolis-based online gaming company spent about $19.2 million on its latest purchases, and an average of $2,501 per coin is paid. ETH was $2,591 at the time of writing the deal.
The stocks climbed as much as 26% to $15.93, the highest since reaching $37.18 on June 12, and then recently returned to a deal of around $14.55.
Sharplink Gaming also said it raised $64 million last week through market share sales, with $37.2 million of which is used to buy more ETH in the coming days.
It said that all the company’s ETH holdings are in agreements designed to earn yields. So far, the company has collected 322 ETH, about $2.1 million since its efforts began on June 2.
To help shareholders track how deep the company’s financial situation is to cryptocurrency, Sharplink has launched a new metric called ETH Complutation. It measures the amount of ETH held per 1,000 diluted stocks.
According to the company, the number has grown from 2.00 to 2.37 ETH in three weeks.
Other companies have also seen their stock soar after using the Ether library. Monday, digits (BTBT) It soared 18% after saying it Swap its BTC stack to ETH.
