Ethereum News: SharpLink Buys 56,533 ETH, Holdings Rises To $3.7B

Key Insights:

• Recent ethereum news showed that SharpLink Gaming purchased an additional 56,533 ETH worth $252.25 Million at an average price of $4,462.
• SBET stock price jumped more than 2% on Monday, but is still down nearly 13% in a month.
• Ethereum price saw a more than 1% rebound after SharpLink Gaming’s annoucement.

SharpLink Gaming (SBET) added 56,533 ETH worth $252.25 Million to its Ethereum treasury. With this acquisition, the Ethereum co-founder Joseph Lubin-backed firm raised the total Ethereum holdings to 797,704 ETH valued at nearly $3.7 Billion.

At the time of writing, SBET stock price jumped more than 0.30% in premarket trading hours. The firm has accelerated its ETH acquisition strategy for boosting staking and creating value for its shareholders.

Ethereum News: SharpLink Gaming Boosts Ethereum Treasury to 797,704 ETH

Nasdaq-listed SharpLink Gaming purchased an additional 56,533 ETH at an average price of $4,462, according to an official announcement on August 26.

The Ethereum treasury company raised $360.9 Million through the at-the-market (ATM) facility between August 18-22. Also, the board led by Chairman Joseph Lubin approved a $1.5 Billion stock buyback plan last week.

Joseph Lubin-backed company also reported 1,799 ETH in net ETH staking rewards, with ETH concentration rising over 100% to 4 since adopting the Ethereum treasury strategy on June 2.

The company still holds over $200 Million in cash to buy more Ethereum. With the latest ETH buy, the company has increased its Total ETH holdings to 797,704 ETH.

Co-CEO Joseph Chalom said the company has two major goals as part its Ethereum treasury strategy. First, the company will continue to raise capital to buy ETH until the total holding reaches 1 million ETH.

Secondly, staking ETH and generating yield on behalf of its shareholders. The firm’s acquiring, staking, and restaking strategies help maintain the Ethereum ecosystem’s health and remove ETH from the circulating supply.

As The Coin Republic reported earlier, SharpLink Gaming last purchased 143,593 ETH worth $667.42 Million at an average price of $4,648.

SBET Stock Price Saw 2% Jump

At the time of writing, SBET stock price climbed 2% to $19.56 on Tuesday. This happened as the firm’s board approved a plan to raise more funds from selling equities.

Notably, SharpLink stock closed 8.15% lower at $19.17 on Monday as the crypto market crashed. As per Yahoo Finance, the stock has tumbled almost 13% in a month, reducing the year-to-date rally to 149%.

$103 Million in quarterly loss dampened investors’ sentiment. However, analyst Donald Dean set SBET price targets to $37.22, $40.37, and $48.28, more than double the press time market price ($19.30).

He again pointed out that breakout and consolidation at the volume shelf launch area favor the stock. Also, a net asset value (NAV) of 1 showed a good risk-reward ratio.

Ethereum Price Soars Over 1% Amid Positive Ethereum News of SharpLink’s ETH Buy

ETH price jumped more than 1% after SharpLink’s announcement, with the price trading at $4,518.52 at the time of writing. The 24-hour low and high were $4,316 and $4,678, respectively.

Trading volume had dipped 8.3% in the last 24 hours due to the crypto market crash. However, the upcoming $3.1 Billion in ETH options expiry this Friday could shift the price back.

In the daily timeframe, the price was below the 50-SMA, 100-SMA and 200-SMAs at the time of writing. Whereas, the Relative Strength Index (RSI) had risen to 56, supporting a potential upside move.

The derivatives market also revealed buying activity in the last 4 hours, per CoinGlass data. At the time of writing, the total ETH futures open interest fell 1.46% to $63 Billion in the last 4 hours and was down 4.87% in the last 24 hours.

ETH futures OI on CME climbed nearly 0.11% and fell around 0.4% on Binance in the past hour. This signals a possible rebound in ETH price amid the latest positive sentiment.