Ethereum Treasury Race Intensifies as SharpLink Grabs 31,487 ETH in a Day
The competition for Ethereum Treasury has intensified as SharpLink Gaming (NASDAQ: SBET), a Nasdaq-listed corporation, purchased a whopping 31,487 ETH for $90 million. Friday saw a 17% increase in the price of SBET shares, increasing its weekly gains to over 63%. However, asset management firm BlackRock is consuming a considerable amount of supply; only this week, $761 million was put in its ETHA Ethereum ETF.
SharpLink’s Ethereum Power Move
To become Ethereum’s MicroStrategy, SharpLink Gaming has agreed to buy 10,000 ether from the Ethereum Foundation. Hours after the release, however, the Ethereum Treasury company paid $64.26 million for another 21,487 on the open market through over-the-counter transactions on Coinbase Prime.
SharpLink Gaming currently possesses 237121 ETH in its portfolio as a result of recent acquisitions. Amid the intense ETH buying over the last week, the SBET price has risen by more than 63%. According to Yahoo Finance, the SBET stock’s daily trading volumes increased to $53 million, indicating positive investor confidence.
Institutional Ethereum Demand Surges
Following SharpLink Gaming’s lead, Nasdaq-listed GameSquare unveiled its $100 million Ethereum Treasury Strategy earlier this week. Furthermore, BlackRock, the world’s largest asset manager, is ramping up ETH accumulation, with $761 million flowing into its iShares Ethereum ETF (ETHA) this week alone.
Alongside SharpLink and other competitors, BlackRock boosted its ETH holdings this week through its Ether ETF ETHA. Consequently, ETHA now has 2.045 million ETH in total, with $6.15 billion in assets under management. Additionally, according to Trader T, the BlackRock Ether ETF hit another significant milestone on Friday, reaching $1 billion in daily trading volume.
ETH Price Surge and Market Sentiment
Market watchers are hopeful about the ETH price spike as the biggest asset management firm in the world enters the institutional competition for Ethereum. The price of Ethereum is currently circling its critical resistance level of $3,000, having already increased by 15% in the past week. CoinGlass data shows that open interest in Ethereum futures has increased to $41 billion.
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