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SharpLink Gaming invested an additional $2 million worth of Ethereum into the liquid staking platform, lsETH. This move brought the company's total lsETH position to roughly $458 million, indicating that it is still focused on managing its treasury towards Ethereum. In response to this, the price of SharpLink's stock went up 28% in one day, reaching $11.98 during trading on Tuesday.
The company's growing lsETH portfolio now has more than 165,000 ETH. SharpLink grows regular staking rewards without locking up its assets by using liquid staking. Sharplink’s other crypto holdings are still minor. A small amount of native ETH, BNB, DAI, and CROAK reflects minimal diversification beyond Ethereum.
An increasing number of investors are interested in SharpLink since it continues to gain ETH through staking strategies. The company bought 9,468 additional ETH between June 23 and June 27, bringing its total to 198,167 ETH. The purchases were worth about $22.8 million, which brought the total value of the portfolio to $485 million.
The company’s approach also draws comparisons to treasury strategies used by Bitcoin-focused firms. SharpLink Chairman Joseph Lubin has suggested the company could follow a model similar to MicroStrategy, which holds large Bitcoin reserves.
Meanwhile, the company's ETH staking activities have brought in 222 ETH in total rewards so far, which is about $540,000. SharpLink made 102 ETH in staking rewards in just one week, from June 21 to June 27. The steady flow of rewards adds value on top of the asset's appreciation.
Also Read: Crypto Market Update: Senate Stablecoin Vote Set, SharpLink Makes $463M ETH Move
SharpLink’s use of liquid staking reflects a broader industry trend. An increasing number of institutions are using liquid staking to earn yield while keeping their treasury assets flexible. SharpLink can unlock staking rewards without locking up its ETH for a long time by staking via lsETH.
To strengthen investor confidence, SharpLink appointed Elevate IR to manage financial communications. CEO Rob Phythian described Ethereum as a foundational asset for both digital capital management and future gaming platforms.
