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Why Sharplink is all-in on Ethereum

In X’s post, Sharplink Gaming shared an update that it secured a capital rise of $200 million through a direct offer of $19.50 per share, backed by four global institutional investors.

The company says the capital will be deployed strategically to expand the holdings of the ETH Ministry of Finance. Once fully deployed, Sharplink expects ETH reserves to exceed $2 billion, and is located in the Treasury Department, the most ethnic corporations in the world.

The company focuses on accumulating ETH, staking ETH to acquire sustainable on-chain yields and consistently growing stocks for long-term shareholders. Ethereum is becoming the foundational layer of the global finance infrastructure of tokenized assets, and Sharplink is being built to capture its upside down.

According to a post by Durty_Crypto, Vitalik Buterin recently pointed out that ETH’s Treasury Department is increasingly valuable, not just as an ETH store, but also as another way to make people accessible to ETH. Instead of simply purchasing and holding ETH, investors are turning to companies that own and manage ETH Ministry of Finance.

Durty_crypto outlined the invisible irony among the unbanked crew who quickly celebrated mainstream verification. Pulsechain’s sacrifice wallet has become the fifth largest ETH holder in the Crypto, with 171,054 ETH. Before the funds were turned to ETH, the wallet was already attracting attention as the largest DAI owner in all chains. Therefore, experts praised Richard Heart, the controversial figure behind Pulsechain, for performing a strategic pivot that he barely saw.

Ethereum activity gets hot as transaction volume approaches ATH

While notable figures raise capital and increase the value of the ETH Treasury, the coin also revealed that the momentum of the chain over Ethereum is surged once again. According to Etherscan data, the network processed 1.87 million transactions on August 6, bringing it to a record high of 1.96 million held in January 2024.

Validator Queue Data, on the other hand, shows that the ETH POS Exit queue has dropped significantly to 443,164 ETH, worth around $1.62 billion. After the decrease, the average exit wait time will be 7 days and 17 hours.

As reported by Coinw, Ethereum’s performance could experience significant growth once UK regulators officially lift the ban on Crypto Exchange Supervision Notes (CETN) for retail investors. The move illustrates a major policy change to adopt the digital asset market. Additionally, individuals may engage in financial instruments that take these risks at their discretion.

Solana’s native token, SOL

, dropped to $143.38 Tuesday, down 1.21%, closing near the day’s low after failing to hold above $147, according to CoinDesk Research’s technical analysis model.

The weakness came even as the ecosystem drew fresh institutional backing: Canadian blockchain investor Sol Strategies filed with the U.S. Securities and Exchange Commission on June 18 to pursue a Nasdaq listing under the ticker STKE.

While the filing itself is not an immediate market mover, it highlights a growing institutional commitment to Solana’s long-term outlook. Sol Strategies disclosed earlier this month that it holds more than 420,000 SOL, worth over $61 million, and has made SOL the centerpiece of its treasury strategy. The firm is also seeking regulatory approval in Canada to raise up to $1 billion, in addition to an earlier $500 million convertible note issuance in April used to acquire and stake SOL.

Despite these bullish signals, SOL continues to trade defensively. Price action has been confined to a horizontal band for much of the past week, with the most recent breakout attempt above $147.80 failing to generate follow-through. Bears regained control during the final hours of trading, pushing SOL below the $144 psychological support. With price trending below major moving averages and volume tapering off mid-session, sentiment remains fragile even as long-term backing intensifies.

Technical Analysis Highlights

SOL traded in a 24-hour range from $143.23 to $147.80, a 2.83% swing.
Resistance held at $147.80 after a failed breakout during the 22:00 UTC candle on June 18.
Price declined steadily to $143.38, closing near the low after weak recovery attempts.
Sellers were active between 13:46–14:00 UTC, with a drop from $144.62 to $143.38 on strong downside momentum.
The $144–$145 zone remains critical; failure to reclaim it may open a path toward deeper support near $140.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.