Sharplink Gaming Stock Is On Watch Wednesday: What's Going On?

Shares of Sharplink Gaming Inc SBET are on watch again on Wednesday, building on momentum fueled by the company’s pivot to an Ethereum ETH/USD focused treasury strategy. The stock saw significant gains in early trading, following Tuesday’s jump.What To Know: The rally comes on the heels of news that SharpLink acquired an additional 7,689 ETH last week at an average price of $2,501 per coin. This latest purchase brings the company’s total holdings to a substantial 205,634 ETH. The acquisitions were funded through the company’s at-the-market facility, which raised approximately $64.0 million in net proceeds between June 28 and July 4. A significant portion of this capital, around $37.2 million, is earmarked for further ETH purchases this week.This accumulation of the popular cryptocurrency has resonated with investors in recent weeks. Since adopting Ethereum as its primary treasury reserve asset in May, SharpLink's stock has soared around 350%. The company is also leveraging its holdings, reporting it earned approximately 100 ETH in staking rewards last week alone by committing 100% of its digital assets to yield-generating protocols. To enhance transparency, SharpLink introduced a new metric, "ETH Concentration," which it reports has risen 19% in the last three weeks, as of Tuesday’s press release.Price Action: According to data from Benzinga Pro, SBET shares are trading down by 15.7% to $15.72 Wednesday morning. The stock has a 52-week high of $124.12 and a 52-week low of $2.26.Read Also: What’s Going On With SharpLink Gaming Stock?How To Buy SBET StockBesides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. For example, in SharpLink Gaming’s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.Image: Shutterstock