Sharplink (SBET) Stock Surges As Ethereum Jumps 10%

Shares of Sharplink Inc (NASDAQ:SBET) are surging Wednesday, climbing alongside Ethereum (CRYPTO: ETH), which jumped 10% to around $2,060 during intraday trading.

The rally highlights Sharplink's transformation from a small gaming-focused company into what is now essentially a publicly traded Ethereum treasury company, with its stock closely tied to the price of ETH. Here’s what investors need to know.

• Sharplink shares are powering higher. Why are SBET shares rallying?

SBET Trades As High-Beta Ethereum Proxy

Sharplink describes itself as an "institutional-grade Ethereum treasury platform," giving stock investors direct, exchange-traded exposure to ETH rather than holding the token outright. Recent disclosures show the company holding roughly 868,000 ETH, putting it among the world's largest corporate Ethereum treasuries.

As ETH rallies, the market is repricing those on-balance-sheet tokens. A near-10% move in Ethereum translates into tens of millions of dollars of incremental asset value for SBET in a single session.

Additionally, because Sharplink stakes a significant portion of its holdings, rising ETH prices also magnify the future dollar value of the yield the company can earn from the network via protocol rewards and ecosystem incentives.

That embedded operating leverage helps explain why SBET often trades like a high-beta proxy for Ethereum itself.

SBET Stock's Turbulent 12 Months

Sharplink shares were highly volatile over the past year, surging to a peak of $79.21 in mid-2025 after trading near lows around $2.57 earlier in the period.

Since that spike, the stock has steadily trended lower and is now trading well below its 50-day and 200-day moving averages, signaling sustained downward momentum into early 2026.

SBET Shares Surge Wednesday

SBET Price Action: Sharplink shares were up 13.28% at $7.41 at the time of publication on Wednesday, according to Benzinga Pro data.

Image: Shutterstock