Nasdaq Firm Makes Historic ETH Treasury Move

SharpLink Gaming (SBET) has committed 【$425 million】 to acquire 120,000 ETH, establishing the first Nasdaq-listed Ethereum treasury. Backed by Ethereum co-founder Joe Lubin, this mirrors MicroStrategy's successful Bitcoin strategy that generated 【$8.2 billion】 gains. The private investment involves 69.1 million shares at 【$6.15】 each, creating a publicly traded proxy for institutional ETH exposure.

Market Reaction and Technical Signals

Ethereum futures open interest surged 【72%】 monthly to a record 【$36.1 billion】, with ETH price jumping 4.5% post-announcement. Technical charts show a descending triangle pattern projecting a 【$3,100-$3,200】 target. ——This setup previously triggered eight leveraged pumps in 30 days—— though most resulted in negative returns. The RSI at 68.5 suggests accumulating momentum before potential breakout.

Supply Shock and New Narratives

Former Ethereum developer Eric Conner notes the 120,000 ETH acquisition ——likely to be staked—— could create "supply compression" by removing tokens from circulation. This positions ETH as "digital reserve collateral," potentially accelerating corporate adoption through SBET's equity wrapper. However, analyst VICTOR warns ETH remains 【19%】 below 2024 highs, making leveraged bets risky.

Network Activity Contrasts Price Action

Despite bullish indicators, Ethereum network fees dropped sharply from 【$2.5 million】 to 【$605,000】 in March 2025. While daily fees rebounded above 【$1 million】 since May 9, they remain below Q1 2024 levels. ——The divergence between institutional interest and on-chain activity presents an intriguing market dynamic—— as traders weigh long-term adoption against short-term usage metrics.

Institutional Validation Milestone

SharpLink's move represents the first S&P 500-style treasury strategy for Ethereum, following MicroStrategy's Bitcoin blueprint. With ConsenSys founder Lubin involved, the initiative bridges traditional finance and crypto-native strategies. As crypto trader mo_xbt observes: "The sandwich setup between key moving averages typically precedes major moves," suggesting 【$3,000】 could become new support if the breakout holds.