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SharpLink splurges 400 million dollars to buy Ethereum! Stock price rollercoaster, ETH reserves aim for 3 billion dollars.
The US-listed company SharpLink Gaming (SBET) has once again ignited market attention, announcing plans to raise $400 million to expand its Ethereum (ETH) reserves, with a target total Holdings exceeding $3 billion. Following this news, the stock surged to $28 at one point during trading but ultimately closed down over 6.6% at $22.34, showcasing a "rollercoaster" market. This transaction also marks a key step for SharpLink in its journey to become one of the world's largest Ethereum reserves holders.
400 million USD accumulation plan: ETH holdings aim for 3 billion USD
SharpLink stated in its latest announcement that it will sell shares to five global institutional investors at a price of 21.76 USD per share to raise funds for purchasing Ethereum. If the transaction is successfully completed, the company's ETH Holdings will exceed 3 billion USD, moving towards the goal of holding 1% of the global circulating supply.
As of August 10, SharpLink has holdings of 598,800 ETH, valued at over 2.5 billion dollars at current prices.
Stock price roller coaster: first surge then fall
After the news was released, SharpLink's stock price fluctuated around $24 in the early session, quickly rising to $28, but in the afternoon, profit-taking occurred, and it ultimately closed down 6.6% at $22.34. Nevertheless, the stock still accumulated an increase of over 17% in the past week, reflecting the market's continued interest in its Ethereum strategy.
Institution Seizes ETH Reserve Landscape
The actions of SharpLink come at a time when institutions are making a major entry into Ethereum. Several listed companies, including BitMine, EtherMachine, and Bit Digital, have accumulated holdings of ETH worth billions of dollars.
Standard Chartered analysts predict that the holdings of these companies will soon account for 10% of the global circulating ETH, indicating a high recognition of Ethereum's long-term value by institutions.
ETH Market Background: Price Approaching Historical Highs
According to CoinGecko data, Ethereum is currently priced at $4,220, having risen 13.5% over the past week and more than 43% in the past month, just about 13% away from its all-time high of $4,878.
More than 75% of users on the market prediction platform Myriad believe that ETH will break its historical high before the end of the year, providing stronger confidence support for institutional accumulation.
Conclusion
SharpLink invested 400 million USD to expand its Ethereum reserves, which not only reflects the company's bet on the long-term value of ETH but also highlights the influence of institutional funds in the crypto market. As ETH prices approach historical highs, the proportion of institutional holdings continues to rise, and future market fluctuations may become more intense. Investors need to closely follow SharpLink's holdings dynamics and the trends in the Ethereum market. For more real-time quotes and in-depth analysis, please follow the official Gate platform.