- SharpLink added $75M in Ethereum, but the stock stayed weak and showed no strong upward move.
- SBET stock trades near key support levels and shows signs of tight consolidation after a long decline.
- A new ETF linked to SBET launched, but has not led to increased momentum or investor interest yet.
SharpLink Gaming (NASDAQ: SBET) added approximately $75 million in Ethereum this week. The company acquired 19,271 ETH at an average price of $3,892. This followed a registered direct offering completed on October 17, raising $76.5 million.
SharpLink’s total ETH holdings stand at nearly 859,853 ETH. With this move, the firm strengthens its shift toward a crypto-weighted treasury. This development positions it as one of the most active ETH buyers in 2025.
Stock Remains Under Pressure Despite Announcement
Despite the sizable crypto investment, SBET’s stock continued to trend lower. The stock traded between $14.21 and $14.90 during the session. It remains far below its July highs and is over 60% down from its May rally.
Investor sentiment shows skepticism. Questions about execution, dilution, and risk exposure remain. While Ethereum’s price hovered near $4,090, it has not helped the stock recover. SharpLink has stated it maintains strong liquidity and continues to earn staking rewards on its ETH holdings.
Analysts See Signs of Consolidation
Technical analysts note a period of consolidation in SBET’s chart. The stock holds support around the $14 to $15 range. This zone has repeatedly served as a key level after its sharp decline. The chart shows lower volume, reflecting cautious investor sentiment.
Short-term moving averages remain above the current price, keeping pressure on the stock. The broader structure continues to lean bearish. Resistance levels on the Fibonacci chart include $33.76 and $71.09. These levels could cap any future rally if momentum returns.
New ETF Brings Attention, Not Movement
REX Shares launched a new 2x leveraged ETF linked to SBET. Listed on CBOE as SBTU, the fund may draw new trading interest. It could add volatility and expand access to institutional and retail investors. The launch has not yet significantly shifted the stock. Earlier this month, REX and Osprey filed 21 single-asset crypto ETFs with staking rewards for multiple tokens.
It seems that investors are awaiting more obvious indications by the wider crypto market. An upward move above $18 could precipitate an increase of $30. But the failure at the support level of $14 would definitely open the gate to $10. Bitmine also bought another $22.43 million worth of ETH.
SharpLink’s decision to increase Ethereum exposure signals confidence in crypto’s future. Moreover, SharpLink recently raised $76.5 million by selling shares at a 12% premium to its market price. For now, the market remains uncertain whether the move can reverse its falling stock trend.
