Ethereum Treasury SharpLink Shares Plunge 20% Amid $6 Billion Plan to Buy More ETH
SharpLink Gaming shares fell 20% after announcing plans to increase a stock sale from $1 billion to $6 billion to enhance its Ethereum treasury. Despite this drop, shares were up 16% for the week following two significant ETH purchases. The company, based in Minneapolis, has become the largest corporate holder of Ethereum, accumulating approximately $1.3 billion worth through recent purchases. A regulatory filing indicated the increase in stock sale goals, with a total of $6 billion planned. Ethereum was trading around $3,550, having risen over 41% in two weeks. Other companies, like Bit Digital and BitMine Immersion, are also transitioning to Ethereum holdings, with BitMine surpassing $1 billion in ETH after a recent purchase. These moves reflect a broader trend of firms shifting focus from traditional operations to cryptocurrency accumulation.
