Ethereum Soars Over 7%, Surpassing $3400 and Reaching Six-Month High

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.