Ether Rallies Towards $2,700 as SharpLink Announces $425 Million Ethereum Treasury Plan
The cryptocurrency market presented a mixed picture, with Bitcoin advancing above the $110,000 mark while the total crypto market capitalization experienced a marginal 0.5% decline over the last 24 hours.
Market Dynamics: Corporate Crypto Adoption and IPO Filings
Trading activity remained relatively subdued on Tuesday, even as Trump Media and Technology Group confirmed its intention to raise $2.5 billion for a Bitcoin-centric corporate treasury.
Investor confidence was further bolstered by news from USDC issuer Circle, which revealed it had submitted a confidential filing for an initial public offering (IPO), with plans to list its Class A common stock on the New York Stock Exchange under the ticker CRCL.
During this period, Bitcoin fluctuated within a constrained range near $110,000. In contrast, other major digital assets like XRP and SOL posted modest gains of 1.5%.
Ethereum’s Price Surge Linked to SharpLink’s Treasury Initiative
A notable surge was observed in Ethereum (ETH), which climbed 5.5% to reach $2,680.
This upward movement was directly linked to an announcement from SharpLink Gaming, a Nasdaq-listed company, detailing a $425 million private placement to fund the adoption of an Ethereum-based corporate treasury strategy.
The leading investor in this initiative is Consensys, a prominent blockchain software firm.
As part of the agreement, Joseph Lubin, co-founder of Consensys, is set to join SharpLink’s board as chairman upon the deal’s completion.
Overall Market Capitalization and Leading Altcoin Performers
Data from Coingecko indicated a slight 0.5% decrease in the overall cryptocurrency market capitalization, bringing it to $3.6 trillion.
Among the top 100 digital assets, Virtuals Protocol (VIRTUAL), an AI agent launchpad, was the day’s leading gainer, appreciating by another 17%.
Quant (QNT) and Ethena (ENA) also recorded significant increases of 16% and 9%, respectively.
Significant Liquidations in Leveraged Trading
According to CoinGlass, the past 24 hours saw substantial liquidations in the leveraged trading market, with approximately 84,400 traders liquidated for a cumulative total of $262 million.
Bitcoin positions accounted for $82 million of these liquidations, while Ethereum positions contributed $72 million.
