SharpLink Gaming this week reported a significant increase in their Ethereum holdings, adding 143,593 ETH worth $667.42 million.
Acquisition of $667 Million in Ethereum
SharpLink Gaming announced the purchase of 143,593 ETH at an average price of $4,648, raising total holdings to 740,760 ETH, worth nearly $3.2 billion. During the week of August 10-17, the company also raised $146.5 million through its investment program.
SBET Stock Response to New Investments
In response to these developments, SBET stock slipped by 3%, reaching a price of $19.27. Prior to market trading, the drop was nearly 0.86%. This occurred alongside the company's plans to raise funds through equity sales and a recent quarterly loss of $103 million, which has also pressured investor sentiment.
Ethereum Price Prospects and Market Impact
Ethereum prices fell by more than 2%, with experts warning of a potential drop to the $4,000 level. Recent inflows from Ethereum ETFs indicate increased demand from ETH treasury firms, which is crucial for supporting further price growth.
SharpLink Gaming's aggressive investment in Ethereum contrasts with the volatility of SBET stock. Market attention remains focused on Ethereum prices and overall investor sentiment.
