thecoinrepublic.com
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.