Ethereum Treasury Race Heats Up, SharpLink Gaming Snaps 31,487 ETH In A Day

The race for Ethereum Treasury is intensifying as Nasdaq-listed SharpLink Gaming (NASDAQ: SBET) has acquired a significant 31,487 ETH, valued at $90 million. The SBET stock price ended up with 17% gains on Friday, while extending its weekly gains to more than 63%. On the other hand, asset manager BlackRock is swallowing a massive supply with its ETHA Ethereum ETF seeing $761 million inflows this week.

SharpLink Gaming (SBET) Stock Gains 63% on Ethereum Treasury Plan

Aiming to become the MicroStrategy of Ethereum, SharpLink Gaming has entered into an agreement with the Ethereum Foundation to buy 10,000 ETH. However, hours later after this announcement, the Ethereum Treasury firm purchased another 21,487 worth $64.26 million from the open market through OTC deals on Coinbase Prime.

Following its recent purchases, SharpLink Gaming now holds a total of 237121 ETH in its kitty. Amid the aggressive ETH buying over the past week, the SBET price has also shot up more than 63% over the past week. As per data from Yahoo Finance, the SBET stock’s daily trading volumes shot up to $53 million, highlighting bullish investor sentiment.

Following the lead of SharpLink Gaming, Nasdaq-listed GameSquare also announced its $100M Ethereum Treasury Strategy earlier this week. Furthermore, the world’s largest asset manager BlackRock, is also stepping up with ETH accumulation, with its iShares Ethereum ETF (ETHA) seeing $761 million inflows this week.

BlackRock Ethereum ETF Sees Massive Inflows This Week

This week, BlackRock stepped up its ETH accumulation through its Ether ETF ETHA, joining the race with SharpLink and other players. On Friday, the BlackRock Ethereum ETF (ETHA) clocked another $137 million in inflows, scooping an additional 45,696 ETH from the open market. With this, its weekly inflows have surged to a massive $761 million.

As a result, ETHA’s total ETH holdings have surged to 2.045 million, with assets under management of $6.15 billion. Furthermore, the BlackRock Ether ETF hit another major milestone of $1 billion in daily trading volume on Friday, as per data from Trader T.

With the world’s largest asset manager joining the Ethereum institutional race, market analysts have turned bullish for ETH price rally. Over the past week, Ethereum price has already printed 15% gains, and is currently flirting around its key resistance of $3,000. The ETH futures open interest has also surged to $41 billion, per Coinglass data.