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We recently published 10 Stocks Exploded Over 100%; One Shockingly Soared 11,000%. SharpLink Gaming, Inc. (NASDAQ:SBET) is one of the top-performing mid-cap companies of the first half of the year.
SharpLink Gaming has grown its share prices by a whopping 387 percent year-to-date, finishing Wednesday at $37.38 versus $7.68 in the last trading day of December 2024.
On Wednesday, SharpLink Gaming, Inc. (NASDAQ:SBET) said it has become the largest holder of Ethereum cryptocurrencies globally following the acquisition of 74,656 ETH last week that pushed its total ownership of the cryptocurrency to 280,706.
The assets were acquired between July 7 and 13 at a weighted average price of $2,852 each.
The transaction also coincided with SharpLink Gaming, Inc.’s (NASDAQ:SBET) successful raising of $413 million through the issuance of more than 24 million shares At-The-Market between July 7 and 11.
As of July 13, SharpLink Gaming, Inc. (NASDAQ:SBET) said approximately $257 million of the total proceeds have yet to be spent on ETH purchases.
In May this year, the company also announced its intention to raise $1 billion through a share sale for the acquisition of more Ether coins.
In a regulatory filing, SharpLink Gaming, Inc. (NASDAQ:SBET) said it intended to use a substantial amount of the proceeds to acquire Ether, while the balance will be used to fund working capital needs, general corporate purposes, operating expenses, and core affiliate marketing operations.
While we acknowledge the potential of SBET as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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