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SharpLink Gaming’s stock ended Tuesday’s trading session up more than 28% after the sports platform revealed that it had made several Ether purchases to increase its holdings to 205,634 Ether, which is valued at over $533 million.

SharpLink added 7,689 Ether to its expanding treasury by over $19 million at an average price of $2,500 during a buying spree from June 28 to July 4, the company announced on Tuesday.

 

SharpLink (SBET) shares surged, rising nearly a third on Tuesday to close at $16.29 and then 4 points in the after-hours market to $17. SharpLink stated that it has committed all of its Ether holdings to staking and earned 322 Ether in rewards, currently valued at $850K

Additionally, ETH Concentration, a metric that shows the company’s Ether exposure in its equity structure, has been introduced. According to Joseph Lubin, co-founder of Ethereum and chairman of SharpLink, the company is “constantly improving our treasury strategy.” SharpLink said it sold more than 50.4 million shares to raise $64 million in net proceeds, which will be used to purchase more Ether. A “large portion of this capital” is expected to be used shortly.

SharpLink announced on May 30 that it would sell up to $1 billion in common shares, with proceeds used to purchase Ether. This announcement followed a change in their treasury strategy focused on Ethereum since May 27.