Ethereum ETFs flip black as the token rebounds above $4,000
SharpLink Gaming generated 488 ethereum tokens worth about $2 million from staking last week, while ETHZilla announced a reverse stock split at a 1-for-10 ratio.
After spot ethereum ETFs broke a three-day streak of outflows, the second-largest cryptocurrency has returned above $4,000.
On Tuesday, Fidelity’s investment vehicle focused on ethereum saw the highest inflows at $154.6 million, bringing the pack’s total to $236.2 million, with none of the funds seeing any outflows, data from SoSoValue shows.
The inflows come as SharpLink Gaming, the second-largest ethereum treasury firm, announced its holdings have risen to 840,124 tokens worth $3.4 billion at current prices. The company also said it generated 488 ethereum tokens through staking last week, boosting its cumulative rewards to 5,211 tokens or roughly $20 million, per a social media post.
Meanwhile, Peter Thiel-backed treasury firm ETHZilla announced on Wednesday it will conduct a 1-for-10 reverse stock split of its outstanding shares, effective on October 20, a Wednesday press release outlined.
The reverse stock split hopes to attract institutional investors “and large financial institutions with access to collateral and margin availability associated with stock prices greater than $10.00,” according to an SEC filing. “Many large mutual funds have minimum stock price threshold limitations regardless of market cap or enterprise value.”
