SharpLink’s $425M ETH treasury has ETH bulls calling for $3K
SharpLink Gaming (SBET) announced a $425 million PIPE, acquiring approximately 69.1 million shares at $6.15 each, establishing the first Nasdaq-listed Ethereum treasury company. This initiative, led by Ethereum co-founder Joe Lubin, aims to replicate the successful Bitcoin treasury strategy of Strategy (MSTR). The acquisition of 120,000 ETH could lead to supply compression by removing tokens from circulation, positioning ETH as a digital reserve collateral. Ethereum network fees have sharply declined in Q1 2025, with a drop from $2.5 million to $605,000 in two weeks. Ether futures open interest reached a new high of $36.1 billion, reflecting increased trader activity. Ether prices rose 4.50% in one day and gained 48% over the past month. Technical analysis indicates a bullish breakout pattern, with a target range of $3,100–$3,200. The relative strength index (RSI) at 68.50 supports this bullish outlook, suggesting potential for a fresh rally.
