ETH Climbs on SharpLink Purchase, Geopolitical Relief

Ethereum has surged 9% to $2,420 since Monday, driven by major corporate treasury moves and improved investor sentiment following diplomatic developments in the Middle East.

SharpLink Gaming completed its second major ethereum purchase in June, acquiring 12,207 ETH tokens for $30.7 million between June 16-20 at an average price of $2,513 per token, the company said. The Minnesota-based affiliate marketing firm now holds 188,478 ETH total, making it the second-largest corporate ether holder behind the Ethereum Foundation's 213,072 ETH position.

The company funded the purchase by selling 2.5 million shares through its at-the-market facility, generating $27.7 million in net proceeds. SharpLink's stock jumped 7% to $9.66 on Tuesday following the announcement, though shares remain down 87% from their May peak of $79.21.

"Increasing ethereum holdings reflects the company's commitment to creating long-term stockholder value through digital asset exposure," said Joseph Lubin, co-founder of Consensys and SharpLink board chairman.

SharpLink has staked 100% of its ETH holdings and earned 120 ETH ($293,811) in rewards since June 2. The staking strategy generates additional returns while the company holds its ethereum position long-term.

The purchase follows SharpLink's initial $463 million ethereum acquisition on June 13, when the company bought 176,271 ETH, establishing it as the publicly traded company with the largest ethereum holdings.

Broader market sentiment has improved following former President Trump's announcement of a dual-phase ceasefire deal ending the 12-day Iran-Israel conflict. The diplomatic breakthrough has boosted confidence across risk assets, with cryptocurrencies particularly benefiting from reduced geopolitical tensions.

Ethereum traded at $2,448 as of Wednesday afternoon SGT, up 6.57% in 24 hours.

Over 35 million ETH tokens are currently staked, representing more than 28% of total supply locked in smart contracts. The high staking participation reflects growing institutional comfort with long-term cryptocurrency commitments as companies like SharpLink integrate digital assets into their treasury strategies.