NewsletterSharpLink Gaming Raises $425M To Buy Ethereum, ETH Price Jumps 3%
Highlights
- SharpLink Gaming raises $425 million to fund its ETH accumulation strategy.
- Ethereum price climbs by nearly 4% to settle at $2,648.
- Institutional investors are wading into Ethereum after a lackluster Q1 performance.
US-based SharpLink Gaming has signaled an intention to make Ethereum (ETH) the main asset in its company treasury. To fund the ETH accumulation play, SharpLink has secured capital via the sale of its common stock to a raft of investors.
SharpLink Gaming To Aggressively Acquire Ethereum
SharpLink has confirmed plans to adopt an Ethereum Treasury Strategy, raising capital to fund new ETH purchases. According to a press release, SharpLink Gaming has raised $425 million through a private placement of its shares, tapping a group of venture capital firms.
Per the announcement, the US-based SharpLink Gaming signed a security purchase agreement, effectively selling 69,100,313 shares of its common stock. The agreement sees Consensys Software play the role of lead investor with ParaFi Capital, Pantera Capital, and Galaxy Digital participating in the private investment in public equity (PIPE).
SharpLink Gaming says it will use the funds to explore an Ethereum Treasury Strategy, using ETH as its main reserve asset. Consensys CEO and Ethereum co-founder Joseph Lubin says Consensys will support the company’s pivot to include Ethereum on its balance sheet.
“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and work with them in their core business as a strategic advisor,” said Lubin.
The purchase follows BTCS’s $8.4M ETH purchase in mid-May, confirming rising institutional interest for the second-largest altcoin.
ETH Price Spikes By 3% Amid Rising Institutional Interest
After a brief period of sideways trading, the Ethereum price has risen by over 3%, jolted by SharpLink Gaming’s announcement. ETH price soared 3.67% over the last day to settle at $2,658, triggering optimism for a rally toward $3,000.
The SharpLink Gaming announcement has triggered a surge in ETH daily trading volume. On-chain data pegs the figure at $21.46 billion, a 61.59% spike over 24 hours.
The 30-day chart reveals a staggering 47.60% increase in ETH price from its previous lows of under $1,500. However, steady institutional interest is contributing to rising figures, with entities like WLFI aggressively buying ETH.
Apart from soaring institutional interest, Ethereum is attracting heavy interest from exchange-traded funds (ETFs). Surging daily spot ETF inflows powered Ethereum to overtake Bank of America (BOA) in terms of market capitalization.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor Teases New Bitcoin Buy As ‘Orange Dots’ Return
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
