Ethereum Soars Over 7%, Surpassing $3400 and Reaching Six-Month High
Source Tradingkey
TradingKey – On Thursday, July 17, Ethereum (ETH) extended its rally, jumping 7% in the past 24 hours to a high of $3,422, before settling at $3,311. This marks Ethereum’s highest price since February, driven by strong institutional demand and treasury adoption.
Ethereum Price Chart – Source: TradingView
The previous day’s 4% ETH rally sent shares of SharpLink Gaming (SBET) soaring 29.03% to $37.38, a monthly high. SharpLink is now widely referred to as the “Strategy (MSTR) of Ethereum”, or the “first ETH stock”, due to its aggressive treasury strategy.
SharpLink Gaming Stock Chart – Source: TradingView
SharpLink’s Ethereum Treasury Strategy
- On May 27, SharpLink announced it would use $425 million in private placement proceeds to purchase ETH as a primary treasury reserve asset, mirroring Strategy’s Bitcoin playbook.
- The announcement triggered a 650% surge in SBET stock on the same day.
- To date, SharpLink has acquired over 320,000 ETH, making it the largest corporate holder of Ethereum.
- With an average cost basis of $2,700, the company is sitting on over $200 million in unrealized gains.
SharpLink’s ETH strategy has reshaped its identity from a sports betting operator to a blockchain-native treasury firm, aligning with the broader trend of institutional Ethereum adoption.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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