SharpLink Gaming, backed by Ethereum Co-Founder and ConsenSys Founder Joseph Lubin, continues its ETH accumulation spree after surpassing the Ethereum Foundation in total strategic Ethereum reserve. The firm acquired an additional 20,000 ETH worth $70 million in the last few hours.
SharpLink Gaming Bolsters Ethereum Treasury Holdings
Nasdaq-listed SharpLink Gaming added 10,614 ETH worth $35.62 million from Coinbase to its strategic Ethereum reserve, according to Nansen data. The firm added an additional 10,854 ETH worth $34.37 million to its Ethereum holdings.
On-chain analytics platform Onchain Lens disclosed that the firm now holds a total of 307,362 ETH worth $1.03 billion after the latest purchases. In the past eight days, the firm accumulated 111,609 worth $343.38 million.
On Wednesday, SharpLink Gaming acquired 6,377 ETH worth $19.56 million. SharpLink is acquiring, staking, and restaking ETH to help maintain the ecosystem’s health, while removing ETH from the circulating supply.
SBET stock price closed 29.03% higher at $37.38 on Wednesday. The stock price has rallied over 113% in the last five days and almost 362% year-to-date, as per Yahoo Finance.
Ethereum Price to Hit $10,000?
Standard Chartered earlier predicted ETH price to hit $10,000 by the end of 2025. Moreover, Eric Jackson, the founder and president of EMJ Capital, recently revealed Ethereum’s price target of $10,000 by the end of this cycle. He believes multiple factors, such as spot Ethereum ETFs and corporate adoption, contribute to the massive upside move.
Several analysts, including Scott Melker, aka The Wolf of All Streets, think ETH rally has just started. Notably, crypto analyst Miles Deutscher said, “The real rotation hasn’t started.” He added “We’re still only in $ETH szn Everything that’s pumping now is just doing so because sentiment has slightly improved.”
Ethereum price jumped 8% in the past 24 hours, with the price currently trading at $3,427. The 24-hour low and high are $3,146 and $3,422, respectively. Furthermore, the trading volume has increased by 30% in the last 24 hours, indicating a massive interest among traders.
Also Read: Bitcoin, Ethereum Surge as Inflation Eases, Retail Investors Return
