A practical Hermes agent use case for checking a falling metric
SBET’s ETH concentration fell from 4.04 to 3.94, and a was used to check whether this was real or something else. From June 22 to June 28, 2026, SBET raised $75.0 million by issuing 10,013,351 new shares and about 10.01 million at $7.49 per share, with $73.5 million coming in after costs.
During the same period, it spent $16.1 million to buy 10,000 ETH at an average price of $1,611, and spent $10.0 million buying back 2,132,773 shares at an average price of $4.69. ETH concentration means total ETH holdings divided by shares outstanding.
The share count rose 3.63% on a net basis, or about 7.88 million shares, while treasury ETH rose only 1.14%, or 10,000 ETH. The drop happened because only $26.1 million of the new cash had been used so far, while $47.4 million was still sitting as cash on the balance sheet.
Key points
- Give the time window, share issuance, asset purchases, and buybacks so it can separate the causes of a move.
- ETH concentration can fall when shares outstanding grow faster than ETH holdings.
- In this case, net shares rose 3.63% while ETH holdings rose 1.14%.
- A large part of the raise, $47.4 million, was still cash, so the drop alone did not prove .
- Use the agent’s formula and as a checklist, then verify the source numbers yourself.