Key Insights:
- SharpLink Gaming plans to deploy $200 million in ETH from its corporate treasury into Linea.
- SBET stock price jumped nearly 0.60% higher to $14.39 amid plans to boost in DeFi yields.
- Analysts remain bullish on SBET stock and Ethereum price.
In the latest Ethereum news, SharpLink Gaming on Tuesday said it plans to deploy ETH from its corporate treasury onto Consensys’ zkEVM Layer 2 network Linea.
Joseph Lubin-backed Ethereum treasury aims to boost its staking yield and restaking rewards with the allocation.
As a result, SBET stock price saw a modest 0.60% jump in the premarket trading hours. ETH price has also climbed by over 0.60% backed by positive sentiment in the crypto market.
SharpLink Gaming to Deploy $200M ETH in Joseph Lubin-Linked Linea
According to an official announcement on October 28, SharpLink Gaming disclosed a $200 million investment in Linea, an Ethereum Layer-2 blockchain of Joseph Lubin’s Consensys.
The Ethereum treasury will collaborate with EtherFi, EigenCloud, and Anchorage Digital to boost ETH-denominated returns for shareholders. The firm will leverage Linea to unlock scalable, secure, and composable ways to optimize on-chain yield.
The yield generated will combine native Ethereum yield, restaking rewards from EigenCloud Autonomous Verifiable Services (AVSs), and direct incentives from Linea and EtherFi.
SharpLink Gaming co-CEO Joseph Chalom claimed it as one of the largest opportunities for Ethereum treasury firm. He added that the deployment will enable access to the best of Ethereum’s staking, restaking, and DeFi yield.
“This is a foundational step in our broader strategy to responsibly generate enhanced staking yield and optimize treasury performance in a way that maximizes stockholder value, and marks the beginning of a much larger effort.”
SharpLink (SBET) Stock Price Jumps
At the time of writing, SBET stock price jumped nearly 0.60% higher to $14.39 during pre-market trading hours on Tuesday. This signals strong support for Ethereum price upside from ETH treasury stocks.
SharpLink stock closed 2.14% higher at $14.31 on Monday. The stock price has dropped over 10% in a month, reducing the year-to-date return to 86%, as per Yahoo Finance.
Analysts have set SharpLink Gaming’s near-term price target at $20 and $40.46 as the year-end price target. The stock continues to hold above 200-SMA, with $12.96-13.44 as the key support zone.
Moreover, the partnership shows the institutional approach of SharpLink to actively managing and deploying its treasury assets. Linea will be an emerging venue for institutional ETH capital and EigenCloud as a trusted source of ETH-denominated yield.
Analyst Predicts Ethereum Price at $10,000 This Cycle
Amid the SharpLink update, analyst Ted Pillows pointed out that Ethereum price consolidated for almost 4 years, with upside momentum slowly returning to the crypto asset. “I don’t think Ethereum has topped out yet,” he added.
He makes a bold Ethereum price prediction of $8,000-$10,000 this cycle. Also, the Ethereum treasury firm expanded its total holdings to 859,400 ETH valued at roughly $3.6 billion.
ETH price jumped 1% in the past 24 hours, with the price currently trading at $4,158. The 24-hour low and high were $4,069 and $4,232, respectively.
Furthermore, the trading volume has decreased further by 15% in the last 24 hours, indicating a decline in interest among traders.