Ethereum ETFs jumped on Monday—having now more than doubled over the past three months—after SharpLink Gaming Inc. (SBET) bought $295 million worth of Ether and the company hired a BlackRock Inc. (BLK) executive who helped launch the company’s spot crypto funds.
The $10.1 billion iShares Ethereum Trust (ETHA), the largest spot Ethereum exchange-traded fund, was up 4.4% in early aftrnoon trading, paring earlier gains. The jump in the ETF reflects the rise in Ether, the token of the Ethereum network and the second-largest cryptocurrency, which has jumped 57% this past month, according to CoinMarketCap data.
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Ether rose after SharpLink, whose chairman Joseph Lubin is among Ethereum’s co-founders, announced Joseph Chalom’s appointment as co-CEO on Friday. Chalom helped launch ETHA, which began trading last July, and BlackRock’s iShares Bitcoin Trust (IBIT), both of which are the largest ETFs holding their respective crypto asset.
The cryptocurrency also moved after Minneapolis-based SharpLink, which bills itself as the world’s largest corporate holder of Ether, bought $295 million worth of the tokens, according to a July 27 X post from Lookonchain. The company, also a sportsbooks and casino gaming marketer, now holds 438,017 Ether tokens valued at $1.7 billion, Lookonchain’s post said.
SharpLink appears to be following the example of Michael Saylor’s Strategy Inc. (MSTR), whose shares have tripled over the past year as the company has become the world’s largest corporate Bitcoin holder. SharpLink has risen six-fold over the past three months, briefly rising nearly 30-fold after the company in May announced plans to raise $425 million in cash and crypto to fund its Ethereum plans.
Source: etf.com & FactSet Data
The eight spot Ethereum ETFs, which also include $4.3 billion Grayscale Ethereum Trust ETF (ETHE), have pulled in $9.4 billion since they began trading last July, according to Farside Investors. The underlying token has more than doubled since early May on speculation that recently-signed laws, including the GENIUS and Clarity Acts, will increase use of the token.
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