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We recently published 10 Stocks Surprise With Double-Digit Gains; 4 Hit Record Highs. SharpLink Gaming, Inc. (NASDAQ:SBET) is one of the companies that stood stronger last week.
SharpLink Gaming snapped two straight days of losses on Monday, jumping 11.67 percent to close at $19.14 apiece as investors cheered its new round of Ethereum (ETH) acquisition that effectively raised its holdings to nearly $2 billion.
According to a post by @Lookonchain on X, SharpLink Gaming, Inc. (NASDAQ:SBET) acquired an additional 18,680 ETH for a total of $66.63 million. However, it was unseated by Bitmine Immersion Technologies as the largest ETH holder globally.
SharpLink Gaming, Inc.’s (NASDAQ:SBET) recent purchase followed its successful at-the-market facility two weeks earlier that saw the company raise as much as $279.2 million in net proceeds. The fundraising program forms part of the $1 billion share sale as earlier announced for the acquisition of more ETH coins.
According to SharpLink Gaming, Inc. (NASDAQ:SBET), it intends to use a substantial amount of the proceeds to acquire ETH, while the balance will be used to fund working capital needs, general corporate purposes, operating expenses, and core affiliate marketing operations.
Based on its historical reporting dates, SharpLink Gaming, Inc. (NASDAQ:SBET) is scheduled to announce the results of its second quarter earnings by next week.
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