Ethereum treasury company SharpLink has resumed Ethereum accumulation, adding 5,000 ETH after an eight-month pause. The purchase has increased its holdings to 876,000 ETH. Moreover, SBET stock jumped by 0.22% in after-hours trading.
Ethereum DAT SharpLink Buys 5000 ETH After 8 Months
On-chain data expert Lookonchain on June 26 revealed that SharpLink resumed ETH accumulation after an 8-month pause. The Ethereum treasury company received 5,000 ETH worth $7.85 million from FalconX.
With the latest purchase, SharpLink has increased its total holdings to 876,285 ETH valued at $1.4 billion. The company has also generated nearly 22,102 ETH from staking.
The company’s average Ethereum purchase price sits at $3,609. This makes the company sit at an almost $1.71 billion in unrealized loss at current ETH prices around $1,570. This shows the company remains committed to its treasury strategy.
Transaction history shows periodic large buys via FalconX and Coinbase Prime, indicating ongoing institutional allocation to ETH as a long-term reserve asset rather than short-term trading.
Meanwhile, Bitmine Immersion, SharpLink, Consensys founder Joseph Lubin launched a new Ethereum nonprofit Ethlabs. SharpLink CIO Matt Sheffield described Ethlabs as an independent organization that will help prepare Ethereum for its next phase of institutional adoption.
SBET Stock Bounces in After-Market Trading
SBET stock closed 3.39% lower at $4.56 on Thursday. The intraday high and low were $4.84 and 4.52, respectively. The stock has plunged nearly 25% in a month amid a massive Ethereum price crash.
However, SBET stock price jumped more than 0.22% after SharpLink resumed Ethereum accumulation. Also, Trading volume was 11.74 million, significantly higher than the average volume of 8 million.
Meanwhile, Ethereum price has rebounded more than 4%, with the latest rebound coming after CoinGape reported crypto market recovery signs. The price is currently trading at $1580, with a 24-hour low and high of $1,510 and $1,656, respectively. Furthermore, trading volume has increased by 11%, indicating a rise in interest among traders.
Coinglass data also indicates buying sentiment in futures markets in the last few hours. The total ETH futures open interest jumped 2.91% to $22.45 billion in the past 4 hours. Notably, ETH futures OI on CME surged more than 4% and climbed 1.69% on Binance, signaling bullish sentiment among derivatives traders.
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