Key Insights:
- SharpLink Gaming paused Ethereum buying, holds 838,152 ETH worth 3.86 billion.
- The company grew staking rewards to 3,749 ETH after the latest 509 ETH generated last week.
- SBET stock price jumps slightly amid a subtle rebound in ETH price to $4,200.
SharpLink Gaming on Tuesday said it has generated an additional 509 ETH in staking rewards. Ethereum co-founder Joseph Lubin-backed firm paused its buying spree, keeping its total holdings to 838,152 ETH worth 3.86 billion.
At the time of writing, SBET stock price jumped slightly by 1% in premarket trading hours. The stock is expected to rebound from the drop in line with a modest rebound in Ethereum price to $4,200.
SharpLink Gaming Halts Ethereum Acquisitions
Nasdaq-listed SharpLink Gaming paused its Ethereum buying spree, the company revealed on September 22. ETH concentration rises to 3.99 despite recent ETH purchases.
However, the Ethereum treasury company generated 509 ETH from staking last week. The total staking rewards reached 3,749 ETH since launching its Ethereum treasury strategy months ago.
The total number of ETH and ETH equivalents SharpLink holds remains at 838,152 ETH valued at $3.86 billion, according to the most recent report in its public filings with the U.S. Securities and Exchange Commission (SEC).
The firm is sitting at an unrealized profit of $480 million as it acquired total ETH for $3.02 billion.
“Our ETH treasury is fully staked, putting SharpLink in a strong position to generate consistent revenue every day. This is the power of ETH: productive, yield-bearing, compounding.”
Joseph Lubin-backed company has accumulated massively in the last few months. The firm acquired, staked, and restaked ETH to help maintain the Ethereum ecosystem’s health, while removing ETH from the circulating supply.
SharpLink Gaming ranked second in corporate Ethereum treasury after Tom Lee-backed BitMine Immersion Technologies. Bitmine holds $10 billion in its total Ethereum holdings.
SBET Stock Price Jumps
At the time of writing, SBET stock price jumped nearly 0.5% to $16.68 during pre-market trading hours on Tuesday. This rebound comes amid the buy-the-dip sentiment among investors.
SharpLink stock closed 4.15% lower at $16.61 on Monday, as per Yahoo Finance. The stock price has dropped 20% in a month, reducing the year-to-date rally to 116%,
Analyst Donald Dean set SharpLink Gaming price target to $22 and $30. He pointed out that the stock needs to break above strong resistance at $19 for upside momentum.
ETH Price Remains Strong in Spot and Derivatives Markets
ETH price jumped nearly 2% over the last 24 hours after an 8% drop during the broader crypto market crash. The price was exchanging hands at $4,200, with a 24-hour low and high of $4,089 and $4,227, respectively.
Trading volume dropped 30% in the last 24 hours, indicating a decline in interest among traders after a recent crash.
In the daily timeframe, the price dropped below the 50-SMA at $4,387. Whereas, the Relative Strength Index (RSI) has dropped to 40 in the daily timeframe and 60.63 in the weekly chart, signaling a potential sideways or downside move.
The total ETH futures open interest slumped nearly 3% to $57.59 billion in the last 24 hours, as per CoinGlass data. This indicates selling in the derivatives market.
Also, the 4-hour ETH futures OI on CME and Binance plunged 0.1% and 0.56%, respectively. This signals cautious sentiment among derivatives traders ahead of key events such as Fed Chair Jerome Powell’s speech today.