SharpLink Gaming Gains on Ethereum Purchase

By Nicholas G. Miller

Shares of SharpLink Gaming rose after the online marketing company said it purchased 10,000 ether from the Ethereum Foundation for $25.8 million.

The stock rose 16%, to $21.44, and is now up 181% over the past 12 months.

The acquisition comes three days after SharpLink said it had acquired 7,689 ether between June 28 and July 4 to bring its Ethereum holdings to 205,634.

The Minneapolis company also said it raised $37.2 million on July 3 by selling stocks with the intention of using it to purchase additional ether this week.

The transaction with the Ethereum Foundation closed Thursday, SharpLink said.

Write to Nicholas G. Miller at nicholas.miller@wsj.com