【SBET: How Long Can the ETH Treasury Last?】
SharpLink Gaming (SBET) recently disclosed in its 8-K filing that it has hired KPMG; the company announced an ETH inventory of 205,634 coins and is raising $64 million through ATMs to continue buying coins. Based on an ETH price of $2,778, the treasury is approximately $570 million, accounting for about 54% of a market value of approximately $1.06 billion, with the stock price highly correlated to ETH. PIPE/ATM share expansion is still ongoing, with dilution and coin accumulation racing against each other.
The options temperature has cooled but not gone cold: 30-day implied volatility (IV) is 159%, IV Rank is 52%; the 7/18 contract implied volatility is 184%, with a one-day expected fluctuation of ±23%, and a Put/Call volume ratio of 0.38, indicating continued bullish sentiment. Monitoring shows that the $20 Call and $15 Put for August have been heavily swept, used for directional or volatility arbitrage.
The bulls view it as the "ETH version of MicroStrategy", betting on bull market leverage; the bears remind that the "financing-buying coins-dilution" cycle could trigger a reverse leverage.
