SharpLink Stock Jumps After Massive Ethereum Investment

The firm staked all of its ETH to earn passive rewards and is still confident in its long-term crypto strategy under new board chairman and Ethereum co-founder Joseph Lubin. Meanwhile, Nano Labs share prices surged after unveiling a $500 million plan to build a BNB token treasury via convertible notes, with ambitions to eventually hold up to 10% of BNB’s circulating supply. Binance’s CZ praised the move, but also clarified that he had no direct involvement. Additionally, Norwegian deep-sea mining firm Green Minerals plans to raise $1.2 billion to acquire more than 11,000 BTC as part of its blockchain diversification strategy. 

Overall, several companies are taking big steps into crypto treasuries, which means that there is still growing institutional confidence in digital assets like Ethereum, BNB, and Bitcoin.

SharpLink Stuns with $30 Million ETH Buy

Shares in SharpLink Gaming closed Tuesday with a 7% gain after the company’s announcement that it increased its Ethereum (ETH) holdings by $30 million. The sports betting firm revealed that it purchased 12,207 ETH at an average price of $2,513 during the week ending June 20, raising its total holdings to more than 188,000 ETH, valued at approximately $457.4 million. The acquisition was funded largely by share sales.

In a strategic move to maximize returns, the company revealed that it staked all of its ETH holdings, which already generated 120 ETH, or about $293,000 in rewards. SharpLink board chairman Joseph Lubin, who is also a co-founder of Ethereum, stated that increasing the firm’s ETH holdings aligns with the goal of delivering long-term value to shareholders. 

The company previously raised $425 million in May to support its Ethereum investment strategy, coinciding with Lubin’s appointment as chairman. On June 13, SharpLink became the publicly traded company with the largest ETH position after acquiring $463 million worth of the cryptocurrency.

SharpLink’s stock, trading under the ticker SBET, closed Tuesday’s session at $9.66 and rose slightly in after-hours trading to $9.77. Despite the recent rally, the stock is still down more than 87% from its May 29 peak of $79.21. Financially, the company has also faced some challenges, with net revenue declining 24% year-over-year in the quarter ending March 2025, and its net profit margin dropping 110% over the same period.

SharpLink Gaming share price over the past 24 hours (Source: Google Finance)

The announcement was made amid rising institutional interest in Ethereum. On Monday, a large ETH whale opened a $101 million long position using 25x leverage, while another accumulated $39 million worth of ETH, bringing their holdings above $300 million. Additionally, over 35 million ETH—more than 28% of the total supply—is now staked, which means that there is strong investor confidence in Ethereum’s long-term value and yield potential.

BNB Strategy Sends Nano Labs Soaring

Another altcoin is also picking up steam as a treasury asset. Chinese blockchain infrastructure firm Nano Labs announced a $500 million convertible notes purchase agreement aimed at building a BNB token treasury. 

The company revealed plans to acquire up to $1 billion worth of Binance’s BNB token through a combination of convertible promissory notes and private placements. Nano Labs stated that it wants to eventually hold between 5% and 10% of BNB’s total circulating supply.

The convertible notes are set to mature 360 days after issuance and will not accrue interest. During this period, holders of the notes can convert them, either in full or in part, into Nano Labs’ Class A ordinary shares at an initial conversion price of $20 per share, subject to adjustments. If the notes remain unconverted by the maturity date, Nano Labs will be required to repay the principal in full. The company clarified that the notes are unsecured and  there is no guarantee the transaction will be completed in full or at all.

Binance co-founder and former CEO Changpeng “CZ” Zhao responded to the announcement by sharing it on X. He also pointed out that Nano Labs’ stock surged after the news. 

CZ also made it clear that neither he nor any affiliated entities participated in this funding round, although he stated they are still very supportive of the initiative. After the announcement, Nano Labs’ stock price soared by more than 106%, rising from $10.90 to $22.50 in a single trading day. Since then, the stock price dropped to around $14.85.

Nano Labs stock price action over the past 5 days (Source: Google Finance)

This move by Nano Labs adds to the now growing trend of institutional interest in BNB. Earlier this month, reports emerged of crypto hedge funds attempting to raise $100 million to invest in BNB. The token may soon receive even more mainstream exposure as asset manager VanEck has filed a request with US regulators to launch a spot exchange-traded fund (ETF) that would directly hold BNB.

Green Minerals Plans $1.2B Bitcoin Buy

Norwegian deep-sea mining company Green Minerals AS also recently unveiled plans to establish a Bitcoin treasury as part of its blockchain strategy to diversify its assets away from traditional fiat currencies. The firm announced on Monday that it is working with partners to raise up to $1.2 billion to purchase and hold Bitcoin as a long-term investment. 

Executive chair Ståle Rodahl described Bitcoin as an “attractive alternative to traditional fiat,” adding that the move is intended to help mitigate the risks that are associated with currency debasement, especially given the company’s anticipated capital expenditures on production equipment.

Announcement from Green Minerals

The company revealed it expects to make its first Bitcoin purchase within days, with the $1.2 billion funding potentially securing approximately 11,255 BTC. To add transparency for shareholders, Green Minerals said it will launch a new key performance indicator that tracks the Bitcoin value attributable to each share.

In addition to the Bitcoin initiative, Green Minerals is exploring broader blockchain adoption in its operations. The firm believes that blockchain technology could enhance supply chain transparency, provide mineral origin certification, and improve operational efficiency—which are all capabilities it sees as vital for staying ahead in a competitive and increasingly regulated sector.

The market response to the announcement was mixed. Green Minerals’ stock initially soared by 300% on Monday, closing at 68 euro cents (79 cents), but declined over 34% the next day to 44 euro cents (51 cents), according to Google Finance. This certainly reflects the volatile nature of market reactions to corporate Bitcoin adoption strategies. 

Green Minerals share price action over the past 5 days (Source: Google Finance)

While companies like Indonesian fintech DigiAsia Corp saw their stock prices nearly double after announcing similar plans, others like Norwegian crypto brokerage K33 experienced little change.