SharpLink Gaming Stock Soars as it Becomes ‘MicroStrategy of Ethereum’

• SharpLink is now the largest corporate owner of Ethereum
• Company provides iGaming and sports betting affiliate services
• Volatile stock has been on a tear amid an Ether rally

The stock is cooling off today, but SharpLink Gaming (NASDAQ: SBET) has been on a tear of late as the company has become the largest corporate owner of Ethereum, surpassing even the Ethereum Foundation.

Although the stock is down 6.36% as of this writing on Thursday, it’s up 91.34% over the past week and 163.68% over the past month, confirming its correlation to Ethereum. Ethereum is the platform on which Ether, the second-largest digital currency behind Bitcoin, transacts. Buoyed in part by Bitcoin rising, Ether is up more than 20% over the past week, fueling the rally by SharpLink Gaming stock.

Likely fueling the stock’s ascent is the fact that SharpLink said the Ether it bought from July 7 to July 13 was purchased at a weighted average price of $2,852. The cryptocurrency trades around $3,383 at this writing.

SharpLink Stock Volatile, Tethered to Ether Price Action

Select cryptocurrencies are gaining credibility, and some proponents see big opportunities at the intersection of gaming and crypto. It’s an idea that’s previously been attempted with modest success, and with the concept of internet casinos booming, proponents see upside for increased use of crypto-backed platforms.

An Ether-related cryptocurrency known as Polygon serves as the currency of choice on Polymarket, one of the largest prediction markets. However, Ether’s surge could be overshadowing SharpLink’s gaming-related endeavors while heightening the stock’s volatility. As of late May, SharpLink was essentially a penny stock before a vicious rally took it to nearly $124. It’s off 71.51% from those highs. SharpLink is staking much of its Ether holdings, allowing it to accrue more rewards.

As of July 11, 2025, the Company had allocated 99.7% of its ETH holdings to staking protocols — highlighting its continued commitment to maximizing returns from its ETH treasury,” according to a pres release. “Between July 7 and July 11, 2025, SharpLink earned approximately 94 ETH in staking rewards, bringing its cumulative reward total to 415 ETH since launching the strategy on June 2, 2025.”

On Wednesday, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, announced that SharpLink Gaming was one of three equity additions to its TradFi platform.

SharpLink Gaming  Stock Drawing Strategy Comparisons

As SharpLink Gaming amasses a sizable Ether war chest, it’s drawing comparisons to Michael Saylor’s Strategy (NASDAQ: MSTR), which is now the world’s largest corporate owner of Bitcoin and by a sizable margin at that.

The comparisons aren’t entirely off base. For example, like Strategy, SharpLink has used securities to fund crypto purchases. SharpLink’s recent Ether buys were funded by sales of common stock.

On the other hand, the comparison merits scrutiny for obvious reasons. First, Strategy prefers avenues such as convertible debt and preferred stock over common share sales to raise capital for Bitcoin purchases. Second, the total supply of Bitcoin is fixed at 21 million, but Ether doesn’t have a supply cap.