Ethereum rises 5% while Sharplink points to a USD 425 million treasury in ETH

The price of Ethereum rose more than 5% on Tuesday, since the main Altcoin benefited from a bullish spark caused by the announcement of Sharplink Gaming that would buy USD 425 million in ETH as part of its treasury strategy.

The price of ETH, which was around the USD 2,530 at the beginning of the day, rose to more than USD 2,680, and the price rose more than 5% in the middle of the market reaction.

ETH price chart of coinmarketcap

According to Coinmarketcap, the rebound also caused Ethereum’s daily volume to shoot, reaching USD 23 billion after increasing 81%.

The ETH price rise also occurred when Standard Chartered shared information that suggests that the Altcoin will exceed Solana (Sun) in 2025.

In particular, the price of sun was around $ 177, practically flat in the day and only 6.8% more in the last week.

In comparison, Ethereum has earned 8% in the week, not much more, since Bitcoin continued to accumulate around the level of $ 110,000.

Sharplink Gaming will buy USD 425 million eth

On Tuesday, when Trump Middle advertisement.

The company seeks to raise USD 425 million to buy Ethereum, and its financing comes from the offer of a private investment round in public capital (Pipe).

The offer, backed by the Ethereum consensys development study, seeks to offer 69,100,313 ordinary shares at the price of $ 6.15 per share.

The aggregate income of the increase, which will be closed on May 29, subject to the closing conditions, will be allocated to ETH as the main treasury asset of the company.

“Consensys hopes to associate with Sharplink to explore and develop an Ethereum treasury strategy and work with them in their main business as a strategic advisor. This is an exciting time for the Ethereum community, and I am delighted to work with Rob and the team to take Ethereum’s opportunity to public markets,” said Joseph Lubin, founder and executive director of Consensys.

Lubin is also co -founder of Ethereum. Consensys’ participation in the agreement was as the main investor.

Meanwhile, the main risk capital companies of cryptocurrencies and ecosystem actors joined the initiative, with participants such as Panther Capital, Parafi Capital, Electric Capital, Arrington Capital and Galaxy Digital.

Others are the Ondo cryptocurrency platform, the VC White Star Capital, GSR, Hivemind Capital, Hypersphere and Primitive Ventures.

“This is an important milestone on the trip of Sharplink and marks an expansion beyond our main business. At the close, we hope to work with consensys and welcome Joseph to the Board,” said Rob Phythian, founder and CEO of Sharplink, in a statement.

Ethereum quoted around $ 2,675 at the time of writing this item, and the price was 45% of its historical maximum of $ 4,891 reached in November 2021.