🔥 **SharpLink's \$200M ETH Bet Matches Ethereum’s Surge — Breakout Ahead?**
Following a \$200 million stock sale, **SharpLink Gaming** is gearing up to expand its **Ethereum holdings**, fueling speculation around ETH’s upward potential. This move comes as Ethereum continues to outperform Solana in the wake of increased interest from ETH-focused treasury firms.
Breaking a long-term downward trend could push ETH toward the **\$4,100 level**. SharpLink’s announcement of the stock deal coincided with a **4% gain** in ETH on Thursday.
The company confirmed that **four institutional backers** will purchase shares at **\$19.50 each** through an at-the-market (ATM) offering. Funds raised will be allocated to bolster SharpLink’s Ethereum reserve, which is projected to exceed **\$2 billion** once fully invested.
Originally approved for a **\$1 billion stock shelf** with the SEC, the company increased that limit to **\$6 billion** in July.
Based on filings, SharpLink, a Nasdaq-listed esports and gaming firm, began accumulating ETH in June after securing **\$450 million** in a fundraising round led by **Consensys CEO Joseph Lubin**, who also heads SharpLink’s board.
As of this week, SharpLink holds **521,900 ETH**, positioning it as the second-largest corporate Ethereum holder, just behind **BitMine Immersion (BMNR)**, which owns approximately **833,000 ETH** and is backed by **Peter Thiel**.
Since these ETH treasury businesses gained traction in June, Ethereum has consistently outpaced top competitors. Data from **Glassnode** shows the **SOL/ETH ratio**, once above **0.085 in April**, has dropped to **0.045**, reflecting a growing tilt toward Ethereum among investors.
Metrics like the **SOL/ETH Hot Realized Cap**, which gauges buying pressure based on recent transfers, further confirm that demand for ETH has taken the lead since mid-July.
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