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Ethereum Soars Over 7%, Surpassing $3400 and Reaching Six-Month High

TradingKey

AuthorBlock Tao

Jul 17, 2025 2:44 AM

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TradingKey – On Thursday, July 17, Ethereum (ETH) extended its rally, jumping 7% in the past 24 hours to a high of $3,422, before settling at $3,311. This marks Ethereum’s highest price since February, driven by strong institutional demand and treasury adoption.

Ethereum -Price Chart – Source-TradingView

Ethereum Price Chart – Source: TradingView

The previous day’s 4% ETH rally sent shares of SharpLink Gaming (SBET) soaring 29.03% to $37.38, a monthly high. SharpLink is now widely referred to as the “Strategy (MSTR) of Ethereum”, or the “first ETH stock”, due to its aggressive treasury strategy.

SharpLink- Gaming Stock Chart – Source-TradingView

SharpLink Gaming Stock Chart – Source: TradingView

SharpLink’s Ethereum Treasury Strategy

On May 27, SharpLink announced it would use $425 million in private placement proceeds to purchase ETH as a primary treasury reserve asset, mirroring Strategy’s Bitcoin playbook.
The announcement triggered a 650% surge in SBET stock on the same day.
To date, SharpLink has acquired over 320,000 ETH, making it the largest corporate holder of Ethereum.
With an average cost basis of $2,700, the company is sitting on over $200 million in unrealized gains.

SharpLink’s ETH strategy has reshaped its identity from a sports betting operator to a blockchain-native treasury firm, aligning with the broader trend of institutional Ethereum adoption.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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