Ethereum Price & ETH Treasury Stocks Recover, Heres Why

Bitmine Immersion Technologies (BMNR) became the largest corporate holder of ETH. Stock price jumped over 10% to $43.74. It was still down 6.87% in a week despite the latest recovery on Thursday.

Fundstrat Tom Lee appreciated the team on reaching the $2 billion ETH club after just 16 days of closing private investment. Recently, PayPal co-founder Peter Thiel revealed 9.1% ownership in Bitmine Immersion Technologies.

Ethereum co-founder Joseph Lubin-backed SharpLink Gaming (SBET) stock price also climbed more than 5% higher to $27.24. SBET stock price dropped more than 29% in a week.

The company planned to hold 1 million ETH and claimed to continue buying and staking ETH, creating value for its shareholders.

SharpLink Gaming Road to 1M ETH | Source: X

GameSquare Holdings (GAME) stock price jumped nearly 9% to $1.38 on Thursday. It was still 22% down in a week due to profit booking as the stock rallied more than 200% in a month.

Crypto mining company BTCS stock price jumped nearly 2% to $6. At press time, the stock was trading with much higher trading volume.

BTC Digital (BTCT) stock price climbed 3% to $3.16. However, the stock price was still down 10% in the last 5 days.

$437.7 million ETH treasury company Bit Digital (BTBT) saw its stock price climbed slightly by 0.57% to $3.38.

ETH Treasury Companies Buys More Ethereum

BitMine Immersion Technologies disclosed total ETH holdings increased to 566,776 ETH valued at over $2 billion. Commenting on buying more ETH, Tom Lee said:

“We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”

Meanwhile, GameSquare announced a purchase of CryptoPunk #5577 from Compound founder Robert Leshner, as per a press release on July 24. GameSquare issued $5.15 million worth of preferred shares to Robert Leshner.

The company also increased its Ethereum treasury holdings to $52 million. It acquired 2,742.75 ETH worth $10 million at an average price of $3,646 per Ethereum.

The total strategic ETH reserve has increased to 2.31 million ETH worth $8.29 billion, as per Strategic ETH Reserve data.

Ethereum Price Recovers

Ethereum price jumped 4% yesterday in response to recent purchases by treasury companies. During writing, the price traded at $3,657, with a 24-hour low and high of $3,579 and $3,771, respectively.

Furthermore, the trading volume has also rebounded 3% in the last 24 hours, indicating a rise in interest among traders.

Having said that, many are anticipating the price to recover to the previous monthly high of $3,850. In the daily timeframe, the price was above the 50-SMA, 100-SMA, and 200-SMA at the time of writing.

Whereas, the Relative Strength Index (RSI) dropped near 71, signaling potential for an upside move.

CoinGlass data also showed mixed reactions in the derivatives market. At the time of writing, the total ETH futures open interest jumped 1.95% to $55.13 billion in the last 4 hours.

ETH futures OI on CME and Binance climbed more than 1.50% and 1.10% in the last 4 hours, respectively.