What's Going On With SharpLink Gaming (SBET) Stock Today?

Shares of Sharplink Gaming Inc (NASDAQ:SBET) are trading higher Tuesday morning after the company announced an increase in its Ethereum (CRYPTO: ETH) holdings. Here’s what investors need to know.

What To Know: Per SharpLink, the company is currently world’s largest corporate holder of Ethereum, SharpLink on Tuesday confirmed its treasury grew to 360,807 ETH for the week ending July 20, a 29% jump from the prior week.

The company executed its most aggressive weekly purchase on record, acquiring 79,949 ETH at an average price of $3,238. The acquisitions were funded through its At-The-Market facility, which raised another $96.6 million.

“We continue to strategically leverage our ATM facility to build our ETH treasury in pursuit of our long-term growth objectives,” stated SharpLink Chairman and Ethereum Co-Founder Joseph Lubin.

The rally is also supported by the company's positive commentary on the newly signed Genius Act. SharpLink praised the bipartisan legislation for creating a clear U.S. regulatory framework for digital assets, which it believes affirms its growth strategy and will unlock new opportunities for innovation and adoption.

The combination of its aggressive treasury expansion and the newfound regulatory clarity is likely fueling significant investor optimism Tuesday morning.

Benzinga Edge Rankings: According to Benzinga Edge stock rankings, SBET exhibits extremely strong momentum with a score of 98.96. This top-tier ranking indicates the stock has significantly outperformed its peers in recent price action, making it attractive to trend-following investors.

Conversely, its Value score is exceptionally low at 0.95, suggesting that based on fundamental financial metrics, the stock is considered highly overvalued.

Price Action: According to data from Benzinga Pro, SBET shares are trading higher by 7.7% to $27.24 Tuesday morning. The stock has a 52-week high of $124.12 and a 52-week low of $2.26.

Read Also: Ethereum, XRP, SOL Surge After GENIUS Act: What’s Driving The Altcoin Rally?

How To Buy SBET Stock

By now you're likely curious about how to participate in the market for SharpLink Gaming – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

In the case of SharpLink Gaming, which is trading at $25.25 as of publishing time, $100 would buy you 3.96 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

Image: Shutterstock