SharpLink Gaming Inc (NASDAQ:SBET) is trending on Thursday amid broader excitement surrounding Ethereum (CRYPTO: ETH) treasury strategies. Here’s what you need to know.
What To Know: Attention surrounding Ethereum treasury strategies comes as BitMine Immersion Technologies Inc (AMEX:BMNR) shares are up another 75% on Thursday, adding to gains of more than 2,000% this week.
The company on Monday announced plans to implement an Ethereum treasury strategy by acquiring ETH, the native cryptocurrency of the Ethereum blockchain. BitMine also appointed Fundstrat's Tom Lee as chairman. Lee discussed the move in interviews on multiple media outlets this week, which appears to be fueling excitement.
"Stablecoins have proven to be the ‘chatGPT' of crypto, leading to rapid adoption by consumers, merchants and financial services providers," Lee said. "Ethereum is the blockchain where the majority of stablecoin payments are transacted … and thus, ETH should benefit from this growth."
SharpLink Gaming adopted Ethereum as its primary treasury reserve asset in May. The micro-cap stock is up more than 300% since the announcement, despite trading well off its highs.
SharpLink on Tuesday announced that the company strategically increased its total ETH holdings to 198,167 after acquiring an additional 9,468 ETH for approximately $22.83 million. The company also highlighted a recent capital raise and said it intends to use the proceeds to further increase its ETH treasury holdings.
“We are entering a new era where digital assets like Ethereum are no longer speculative instruments – they are fast becoming the strategic currency of the modern digital economy,” said Joseph Lubin, chairman of Sharplink. Lubin is also one of the co-founders of Ethereum.
SharpLink noted this week that it has all of its ETH reserves deployed in staking protocols. The staking strategy generated 102 ETH in rewards from June 21 through June 27, the company said.
SharpLink announced on Thursday that it will ring the closing bell at the Nasdaq on Monday to celebrate its Ethereum treasury strategy.
“We believe Ethereum is integral to the next wave of financial innovation,” Lubin said.
SBET Price Action: SharpLink shares traded up to around $14 in early trading Thursday before pulling back. The stock was up 5.89% at $12.68 at the time of publication, according to Benzinga Pro.
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