Ethereum (ETH) recorded gains of 2.7% on Tuesday after SharpLink Gaming (SBET) announced that it acquired 7,689 Ethereum, pushing its treasury holdings above 205,000 Ethereum. $ETH
The Ethereum treasury is gaining momentum as SharpLink expands its holdings above 205,000 Ethereum.
SharpLink Gaming, listed on NASDAQ, reported that it purchased 7,689 Ethereum at an average price of $2,501 each last week. The company stated that it made the purchase after raising $64 million from the sale of 5.49 million shares through ATM facilities during this period, with $37.2 million to be used for additional Ethereum purchases.
SharpLink also reported that it increased its staking rewards to 322 Ethereum, having obtained an additional 100 Ethereum last week. As a result, its total treasury holdings increased to 205,634 Ethereum, which it claims are fully deployed across staking and restaking protocols.
SharpLink's stock, SBET, rose by more than 28% as investors rushed to buy after its announcement of acquiring Ethereum, closing today at $16.29, according to Google Finance data.
The company began purchasing Ethereum in early June, following a $425 million private placement led by Consensys, whose CEO, Joseph Lubin, became the head of SharpLink.
BTCS, a publicly traded Ethereum treasury company listed on NASDAQ, plans to raise $100 million in 2025 through a mix of ATM equity offerings, convertible debt issuance, borrowing from the DeFi lending protocol Aave, and yield-generating opportunities via staking and block building. The company stated in a press release on Tuesday that this complex strategy enables it to increase shareholder Ethereum per share 'while reducing dilution.'
These developments come on the heels of increased interest in Ethereum treasuries among publicly traded companies with low market capitalizations, especially with the buzz around tokens and the GENIUS stablecoin bill, which will be voted on by the House next week.
Bit Digital (BTBT) announced a treasury balance of 100,603 Ethereum on Monday after acquiring additional Ethereum using proceeds from the sale of 280 Bitcoin and a $172 million offering. BitMine (BMNR) is also raising $250 million to launch a similar Ethereum treasury design.
These companies are following in the footsteps of Strategy (formerly known as MicroStrategy), which began accumulating Bitcoin in 2020. Since then, the company has increased its cryptocurrency treasury to 597,325 Bitcoin, or about 2.8% of the total Bitcoin supply.
Price forecast: Ethereum maintains support at $2500, looking to break above a major symmetrical triangle.
Ethereum is forming strong support near $2500 after bouncing back around the key price of $2510, supported by the 200-day simple moving average. On-chain data also shows that $2500 is one of the most significant accumulation zones for Ethereum in recent months, with investors accumulating over 3.45 million Ethereum between $2513 and $2536, according to Glassnode data.
Daily chart of Ethereum/Tether
If Ethereum continues to hold the $2500 support as it approaches the top of a major symmetrical triangle, it may rise to test resistance near $2850, which has remained since February 4.
On the downside, Ethereum could test the lower boundary of the symmetrical triangle if it loses the $2500 support.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) indicate a slight upward bias above their neutral levels, suggesting moderate bullish momentum.
