SharpLink Gaming (Nasdaq: SBET), an Ethereum treasury firm, has significantly increased its ETH holdings by purchasing 56,533 ETH for approximately $252 million. This acquisition, made at an average price of $4,462, brings the company’s total ETH stash to 797,704, currently valued at about $3.64 billion.
The company funded the purchase through a $360.9 million equity program and still has an additional $200 million available for future ETH buys. SharpLink is also actively generating yield by staking its ETH, having earned 1,799 ETH in rewards since June 2.
Despite these positive developments and an 80% surge in ETH’s price over the past 60 days, SharpLink’s stock has fallen around 65% since early June. The article notes that corporate Ether treasuries, including those of SharpLink and BitMine Immersion, have a combined value of over $12 billion, which is nearly half the value of all spot ETH ETFs.
Ethereum bulls are gaining confidence, with prediction market data showing strong odds of a breakout. According to Polymarket, ETH now has a 74% chance of reaching the $5,000 milestone before the end of August.
Traders are also eyeing higher levels, assigning a 29% probability that ETH could surge to $5,400 in the final week of the month. Looking further ahead, Polymarket bettors see a 16% chance of the cryptocurrency climbing to the $10,000 mark in 2025.
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