Sportsbook marketing firm SharpLink Gaming is wasting no time stockpiling ethereum for its recently launched treasury, now holding 205,634 ethereum. The company’s latest acquisitions were between June 28 and July 4, when it acquired 7,689 ethereum for $19.2 million, it said on a post on X.

Shares jumped 23% this morning as the news hit, and the stock is still trading up 16% as of 11:30 a.m. ET.

Between June 28 and July 4, it also earned 100 ethereum through staking rewards, “contributing to a total estimated reward yield of 322 ETH since initiating this program on June 2, 2025,” the company said in a press release. 

SharpLink, whose chairman of the board is Joseph Lubin, the founder and CEO of Consensys and cofounder of ethereum, raised approximately $64 million in net proceeds during the same period through its at-the-market facility, “selling 5,499,845 shares of its common stock.”

“Of these total net proceeds, approximately $37.2 million was raised on July 3, 2025, but has yet to be allocated to ETH purchases as of the close of business that same day. A large portion of this capital is expected to be deployed in the current week,” it added.

The company is the second-largest ethereum treasury, behind the Ethereum Foundation, which holds 244,479 ETH.

Ethereum is up 5.3% in the past week, yet down 47% from its all-time high of $4,878 on November 10, 2021.

Last month, the company announced “up to $1 billion” in shares of its common stock to buy ethereum.