Two publicly traded companies, GameSquare and SharpLink, have announced plans to bolster their treasuries with the cryptocurrency Ethereum. Following these announcements, their stock prices have risen significantly.
GameSquare’s Plans
The board of directors at GameSquare (GAME) approved the creation of an Ethereum-based treasury of up to $100 million. The company plans to make phased investments while maintaining sufficient capital for operational activities.
To fund this strategy, GameSquare conducted a public offering of 8.42 million shares at $0.95, aiming to raise approximately $8 million.
The company also granted underwriter Lucid Capital Markets the right to purchase up to 1.26 million additional shares at the same price as the public offering.
To establish its Ethereum treasury, GameSquare will use the Medici platform from investment firm Dialectic. The target yield for the strategy is set between 8% and 14% annually.
In the future, the firm may add other instruments, including stablecoins and NFTs.
On this news, shares under the ticker GAME rose by nearly 60%.
SharpLink’s Accumulation
SharpLink Gaming (SBET) has continued to increase its Ethereum holdings. From June 28 to July 4, the company acquired 7,689 ETH worth approximately $19.2 million at an average price of about $2,501 per coin.
NEW: SharpLink now holds ~205,634 ETH
Between June 28 and July 4, SharpLink acquired ~7,689 ETH for ~$19.2M at an average price of ~$2,501 per ETH
During that same period, the company raised an additional ~$64.2M through its ATM facility, selling ~5.4M shares
SharpLink has… pic.twitter.com/bhS0K1ZBul
— SBET (SharpLink Gaming) (@SharpLinkGaming) July 8, 2025
The total reserves of SharpLink have reached 205,634 ETH.
During the specified period, the firm raised approximately $64.2 million through the sale of about 5.4 million shares under its ATM program.
SharpLink noted that all existing coins are engaged in staking and restaking. Since June 2, the company has earned about 322 ETH, with around 100 ETH in the last week alone.
The chart below shows the Ethereum staking reference rate:
According to the company, the “ETH per share” metric has increased by approximately 18.8% since June 13.
SharpLink ranks second among organizations by Ethereum reserves:
SharpLink’s chairman and Consensys CEO Joseph Lubin stated that the “company’s sustained success” is linked to a well-thought-out strategy for managing Ethereum reserves and a priority on transparency:
“The continuous refinement of approaches and the implementation of metrics like ‘ETH concentration’ not only help increase long-term profitability for shareholders but also set a new benchmark for the responsible use of digital assets in public markets.”
Based in Minneapolis, SharpLink Gaming collaborates with online bookmakers and casinos through affiliate programs and other marketing initiatives.
In early June, the firm radically changed its strategy and began actively accumulating ETH following the raising of $425 million in a private placement involving Consensys. Around the same time, Ethereum co-founder Joseph Lubin took over as chairman of the company’s board.
At the time of writing, the second-largest cryptocurrency by market capitalization is trading around $2,613. Over the past seven days, the asset has appreciated by 6.7%, according to CoinGecko.
Recently, dormant for nearly 10 years, 1,140 ETH worth approximately $2.9 million, were moved.