Shares of SharpLink Gaming Inc (NASDAQ:SBET) are trading lower Thursday afternoon, pulling back from a two-day surge. The decline appears to be a consolidation after the stock has rallied heavily in recent weeks on news of its aggressive pivot into the cryptocurrency market.
What To Know: This week’s excitement was sparked by Tuesday’s announcement that SharpLink is now the world’s largest corporate holder of Ethereum (CRYPTO: ETH), possessing 280,706 $ETH. This milestone was achieved following a recent acquisition of 74,656 $ETH at an average price of $2,852 per token.
SharpLink financed the purchase by raising approximately $413 million through its at-the-market equity facility. Underscoring its commitment, the company has roughly $257 million remaining for future $ETH acquisitions.
To maximize returns, SharpLink has staked nearly all (99.7%) of its Ethereum, a move that has already generated 415 $ETH in rewards since June 2.
This $ETH-centric strategy was met with market euphoria, sending shares soaring over 17% on Tuesday, with momentum continuing through Wednesday. Thursday’s downturn likely suggests investors may be taking profits following the sharp run-up, as the market digests the company’s new direction.
Price Action: According to data from Benzinga Pro, SBET shares are trading lower by 11.9% to $32.89 Thursday morning. The stock has a 52-week high of $124.12 and a 52-week low of $2.26.
Read Also: $1.5 Billion In One Day: Why Bitcoin And Ethereum ETFs Are Running Wild
How To Buy SBET Stock
By now you're likely curious about how to participate in the market for SharpLink Gaming – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of SharpLink Gaming, which is trading at $35.28 as of publishing time, $100 would buy you 2.83 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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