SharpLink Gaming, the second-largest Ethereum treasury firm, announced a $400 million deal to enhance its ETH holdings. This comes amidst a surge in institutional interest in Ethereum.
SharpLink Gaming Deal
SharpLink Gaming reported entering a share purchase agreement with five major institutional investors. The deal will elevate the company's ETH holdings to over $3 billion, with shares sold at $21.76 each.
Stock Analysis
Following the announcement of the deal, SharpLink shares fell by 6.6% during the trading day. However, some traders seized this decline as a buying opportunity, leading to a 3.8% recovery in after-hours trading. Despite the recent drop, shares remain up over 188% year-to-date.
Record Inflows to Ethereum ETFs
The heightened interest in Ethereum is also reflected in record inflows to Ethereum ETFs. In recent days, funds have amassed over $1.018 billion, marking the highest inflow since their launch last year, with BlackRock's ETHA fund attracting $639.8 million.
The $400 million deal by SharpLink Gaming underscores the growing interest from institutional investors in Ethereum, contributing to increased inflows in ETH ETFs and strengthening the company's market position.
