SharpLink Gaming reports a significant increase in its Ethereum holdings with a large ETH purchase, leading to a rise in the company’s stock price and positively affecting the price of Ethereum.
SharpLink Gaming's Ethereum Purchase
SharpLink Gaming, listed on Nasdaq, acquired an additional 56,533 ETH at an average price of $4,462, totaling $252.25 million. With this purchase, the company's total ETH holdings rose to 797,704 ETH, valued at nearly $3.7 billion. The company raised $360.9 million through sales from August 18 to 22. One of the main goals of the company's strategy is to raise capital for ETH acquisitions until total holdings reach 1 million ETH.
SBET Stock Reaction
At the time of writing, SBET stock price jumped 2% to $19.56 following the board's approval of a plan to raise funds through equity sales. However, SharpLink Gaming showed an 8.15% decline the previous day. Analysis indicated that despite recent fluctuations, the stock has growth potential.
Ethereum Price Increase
The price of Ethereum rose more than 1% following SharpLink's announcement, reaching $4,518.52. Daily price fluctuations ranged from $4,316 to $4,678. Despite a decline in trading volumes, positive news regarding ETH purchases supported the upward trend. Some analysts see potential for further growth despite current market uncertainty.
SharpLink Gaming's recent actions to increase its Ethereum holdings signify the company's intent to strengthen its market position and create additional value for shareholders. The positive market reaction also indicates a growing interest in Ethereum.
