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SharpLink Gaming Soars 15% as Ethereum Hits Record High
23 Aug
Summary
- SharpLink Gaming's stock price surges 15.69% on Ethereum's new record high
- Company acquires 143,593 ETH worth $667 million, expanding its crypto treasury
- AI stocks seen as having greater potential for higher returns and lower risk
On August 23, 2025, SharpLink Gaming, Inc. (NASDAQ:SBET) saw its stock price surge by 15.69% to $20.87 per share, as the company's fortunes were bolstered by Ethereum's record-breaking rally.
Earlier this week, SharpLink Gaming had announced that it had expanded its Ethereum treasury to over $3.2 billion, following the acquisition of 143,593 ETH at an average price of $4,648 for a total of $667 million. The company had also successfully raised $1 billion in fresh funds in the past few months, which it plans to allocate towards the purchase of additional Ethereum coins.
The surge in SharpLink Gaming's stock price mirrored an overall rally in both the cryptocurrency and stock markets, driven by Federal Reserve Chairman Jerome Powell's hints at potential rate cuts beginning next month. Ethereum, in particular, climbed to a new high of $4,866 during the trading session.
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While the article acknowledges the potential of SharpLink Gaming as an investment, it suggests that some AI stocks may hold greater promise for delivering higher returns and have limited downside risk. Investors looking for an extremely cheap AI stock that is also a major beneficiary of Trump-era tariffs and onshoring are advised to refer to a separate free report on the best short-term AI stock.
