#ETHBreakout3.5k The growing institutional appeal of Ethereum
According to the latest data from Lookonchain, SharpLink Gaming has purchased 32,892 ETH, valued at approximately 115 million dollars. This follows the addition of 20,279 ETH yesterday by the company. Lookonchain added that in the last nine days, SharpLink has acquired 144,501 ETH, totaling 515 million dollars. SharpLink Gaming and BitMine now own over 1 billion dollars in Ethereum, highlighting a growing institutional interest in ETH.
The increase in the price of Ethereum to 3,600 dollars, a 21.2% rise, surpasses the 2.96% gain of Bitcoin, reflecting higher demand.
The unique deflationary mechanics of Ethereum and the staking rewards that generate yield make it an attractive treasury asset. Beyond these two giants, GameSquare Holdings has completed its public offering of 70 million dollars. This is part of its broader plan to create a 100 million dollar Ethereum treasury. According to the latest press release, the company raised 70 million dollars by selling 46.66 million shares at 1.50 dollars each:
“The deal includes a 15% over-allotment, which if fully exercised, will bring the total raised to approximately 80.5 million dollars. Combined with the 9.2 million dollars raised last week, the total gross proceeds from both offerings exceed 90.0 million dollars,” said GameSquare CEO Justin Kenna.
Additionally, BTC Digital, a Bitcoin mining company, has followed in the footsteps of Bit Digital. The company announced that it will convert all its Bitcoin holdings into Ethereum. Furthermore, it revealed that it has closed a 6 million dollar funding round and has acquired an additional 1 million dollars in Ethereum.
