Ethereum Treasury Stocks on Huge Rally: All Eyes on SBET, Bitmine, BTCS
Key Insights:
- Massive bullish sentiment on Ethereum price triggered a rally in stocks of Ethereum treasury companies.
- SharpLink Gaming (SBET) acquired another 20,000 ETH to boost its Ethereum holdings to over $1 billion.
- Investors keep an eye on SharpLink Gaming, Bitmine Immersion, BTCS Inc, BTC Digital and other ETH treasury companies’ stocks.
In the major Ethereum news, companies with strategic Ethereum reserves saw double-digit gains in their stocks amid massive bullish signals. ETH price also skyrocketed more than 10% in the past 24 hours to a high of $3,480.
SharpLink Gaming (SBET) led the stock price rally as it continued to accumulate ETH, becoming the largest Ethereum holder. All eyes are on SBET, Bitmine, BTCS, and others as they capitalize on growing ETH demand.
Ethereum News: Double-Digit Gains in ETH Treasuries Stocks
Massive bullish sentiment on Ethereum price triggered a rally in stocks of Ethereum treasury companies.
The largest corporate Ethereum holder, SharpLink Gaming (SBET) stock price skyrocketed 29.03% to $37.38 on Wednesday. SBET stock price rallied more than 112% in a week.
At the time of writing, SBET stock price was trading more than 11% higher during the premarket hours on July 17.
Ethereum co-founder Joseph Lubin-backed claimed to continue buying and staking ETH for SharpLink, creating value for its shareholders.
Bitmine Immersion Technologies (BMNR), the 2nd largest corporate holder, stock price closed 12.11% higher at $44.80. It was trading nearly 6% higher in premarket hours on Thursday.
Fundstrat Tom Lee-backed company held 163.1K ETH worth $565.5 million. Notably, PayPal co-founder Peter Thiel revealed 9.1% ownership in Bitmine Immersion Technologies.
Crypto mining company BTCS stock price jumped 21.26% to $5.76 on Wednesday, extending the monthly gain to 144%. At press time, the stock was trading 18.06% higher in premarket on Thursday.
$348.7 million ETH treasury company Bit Digital (BTBT) saw its stock price shoot up 19.45% to $3.93, with a monthly gain of more than 61%. BTBT stock price was trading 3.31% higher in premarket hours at the time of writing.
GameSquare Holdings (GAME) stock price closed 52.98% higher at $2.31 on Wednesday. It was trading 11.26% down in premarket hours on Thursday due to profit booking as the stock rallied 203% in a month.
BioNexus Gene Lab (BGLC) stock closed 13.33% higher at $4.25, with an additional 19% gain in premarket hours on Thursday. BGLC stock price rocketed 47% in a month.
BTC Digital (BTCT) stock price climbed 10.51% to $3.47 on Wednesday. The stock price was trading 4% up during premarket trading hours on Thursday.
SharpLink Gaming Bolsters ETH Holdings to $1 Billion
Nasdaq-listed SharpLink Gaming acquired 10,614 ETH worth $35.62 million from crypto exchange Coinbase for Ethereum treasury, according to Nansen data.
The firm also added 10,854 ETH worth $34.37 million to its Ethereum holdings from another wallet.
On-chain analytics platform Onchain Lens disclosed that the firm held a total of 307,362 ETH worth $1.03 billion after the latest buy. In the past 8 days, the firm accumulated 111,609 shares, worth $343.38 million.
On Wednesday, SharpLink Gaming acquired 6,377 ETH worth $19.56 million to surpass the Ethereum Foundation in strategic Ethereum reserve.
SharpLink is acquiring, staking, and restaking ETH to help maintain the ecosystem’s health, while removing ETH from the circulating supply.
Ethereum (ETH) Price Set for $4,000
ETH price surged nearly 10% over the last 24 hours, with the price trading at $3,426 at the time of writing. The 24-hour low and high were $3,146 and $3,478, respectively.
Furthermore, the trading volume increased by 38% in the last 24 hours, indicating a rise in interest among traders.
Popular analyst Michael van de Poppe claimed that ETH/BTC climbed to a new high, signaling an ETH price rally in the future. Inflows into spot Ethereum ETFs also remained strong and support a further rally, he added.
Crypto analyst Daan Crypto Trades noted that spot ETFs took in a massive $726.6 million in net inflows last day. Meanwhile, the ETH price moves in the middle of $2,800-$4,000 key levels in the 3-day timeframe.
According to Coinglass data, the total open interest of Ethereum contracts across all crypto exchanges surpassed USD 50 billion for the first time. It reached a record high of USD 50.329 billion, up 8.09% in the past 24 hours.
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