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Ethereum passes $4,300, making nearly all ethereum addresses profitable

BitMine Immersion Technologies becomes the first ethereum treasury strategy to surpass $5 billion in token holdings, while Sharplink Gaming announces a $400 million raise.

Sage D. Young

8/11/25 1:01PM

ethereum’s rally continues.

The cryptocurrency has increased more than 18% in the last seven days to break through the $4,300 level, outpacing bitcoin, XRP, and solana. The last time the price of ethereum hovered around the $4,300 mark was in 2021, the same year the token set its all-time high of $4,878, data from CoinGecko shows.

97% of ethereum addresses are currently in the green, according to data from analytics firm Sentora.

The two largest ethereum treasury firms, BitMine Immersion Technologies and SharpLink Gaming, made two announcements to start the week, helping boost the price of the cryptocurrency and their respective shares.

BitMine’s holdings of ethereum increased by $2 billion since last week’s press release, bringing its total to about $5 billion or 1,150,263 tokens, a public statement reported.

SharpLink Gaming, which expects its ethereum holdings to exceed $3 billion, announced entering into a securities purchase agreement for $400 million. Since August, the firm has raised nearly $900 million. “The speed and scale of these investments reflect not only investor trust in SharpLink, but also the growing recognition of Ethereum’s transformative potential,” SharpLink co-CEO Joseph Chalom said in a press release.

Shares of Bitmine have jumped about 26% on the day, while SharpLink Gaming stock has risen nearly 10%.

In other developments:

Fundamental Global, which filed an S-3 registration statement with the SEC last week to sell $5 billion worth of securities, announced officially starting its ethereum acquisition strategy by accumulating 47,331 tokens for $206 million, according to a press release. Its shares soared on the news.
US spot ethereum ETFs recorded their 13th straight week of inflows last week with $326.8 million, boosting cumulative inflows to more than $9.8 billion, per SoSoValue. Last week’s positive inflows reversed the investment vehicle’s largest daily outflow on August 3.
The price action has also uplifted the network’s economic security, a product of its token value and total number of staked ethereum tokens, to a new all-time high exceeding $150 billion, per a Dune Analytics dashboard created by Hildobby, a data scientist at venture capital firm Dragonfly.
Meanwhile, chief investment officer and cofounder of investment fund Maelstrom Arthur Hayes entered the fray of whales buying ethereum. An address, identified as belonging to Hayes by data analytics platform Nansen, has scooped up 1,750 ethereum tokens worth about $7.5 million since Saturday. The wallet’s total portfolio stands at $24.3 million.
However, not everyone is buying. An address that participated in ethereum’s initial coin offering deposited about $10 million into centralized exchange Kraken on Sunday, per blockchain data analytics provider Lookonchain.

An #Ethereum ICO participant who received 20,000 $ETH( cost $6,200, now $86.6M) just sold another 2,300 $ETH($9.91M) 20 minutes ago, leaving him with 1,623 $ETH($6.99M).https://t.co/Rv0RcDPtgH pic.twitter.com/ffxwgXUDEg
— Lookonchain (@lookonchain) August 11, 2025

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Sage D. Young3/27/26

Altcoins have given back the majority of their gains since the Iran war began

While crypto altcoins outperformed for a long stretch after the outbreak of the US war with Iran, the asset class has retraced this past week.

XRP, solana, and ethereum have each dropped more than 6% in the past seven days as the total market capitalization for all of crypto (including bitcoin) has shed roughly $44 billion in the period, per CoinGecko.

Ethereum ETFs have also registered daily consecutive outflows for the past seven days, totaling more than $392.1 million. The last time these investment vehicles had such a streak was in December when ethereum decreased from $3,221 to $2,995, data from SoSoValue shows.

The Iran war was at first a positioning shock that saw crypto thrive, in part because the asset class was “lightly owned,” according to Fredrick Collins, CEO of crypto analytics platform Velo.xyz.

“Now as more concrete and persistent concerns about economic impacts have materialized, it’s not surprising to see crypto struggling as well,” Collins told Sherwood News. “In the face of cyclical (rather than transient) worries for risk assets in general, it’s not realistic to expect crypto to remain unscathed. And so we’ve unfortunately just not seen that initial relative strength in crypto continue to play out.”

Meanwhile, traders are expecting the price of ethereum to decline further this year. Prediction market-implied odds of the cryptocurrency sliding below $1,750 are at 81%, while the probability of the token tumbling under $1,500 stands at 68%, an increase from 52% on Monday.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

A drop to $1,457 would liquidate about 162,870 ethereum tokens’ worth of leveraged long positions, worth $323.3 million on Hyperliquid, per CoinGlass.

Slater Santer, a research analyst at trading firm GSR said, "Short term, the market likely remains flow-driven and headline-sensitive. Without a stabilization in ETF flows, a cooling in oil, or a renewed bid in equities, it's hard to argue for a sustained bounce in alts."

Yaël Bizouati-Kennedy

3/27/26

Bitcoin falls below $66,000 as Trump’s Iran extension fails to boost market sentiment

Bitcoin is on track to book its sixth consecutive month in the red.

Sage D. Young3/26/26

For the first time, Fannie Mae will allow mortgages to be backed by crypto

Fannie Mae, the government-backed mortgage finance giant, will start accepting mortgages backed by cryptocurrencies — namely bitcoin and Circle’s stablecoin, USDC.

Mortgage firm Better Home & Finance and US-based crypto exchange Coinbase Global are rolling out a new product that enables prospective homebuyers to pledge their digital assets as down payment collateral when obtaining a mortgage backed by Fannie Mae, The Wall Street Journal reported.

This means homebuyers can secure a standard conforming mortgage without liquidating tokenized assets, which potentially triggers a taxable event.

“If BTC drops in value, the mortgage terms remain unchanged, and no additional collateral is required. Market movements alone never trigger liquidation,” per a joint press release from Better and Coinbase.

“Token-backed mortgages originated by Better are designed in accordance with Fannie Mae guidelines and remain as standard conforming mortgage loans, identical to other conforming mortgages,” the announcement continued.

Max Branzburg, head of consumer and business products at Coinbase, said, “Token-backed mortgages are a major first step to unlocking homeownership for the younger generations that have struggled with barriers to saving for a traditional downpayment.”

The announcement comes more than nine months after William Pulte, the director of the Federal Housing Agency, ordered Fannie Mae and Freddie Mac to prepare a proposal that considers cryptocurrency as a reserve asset in single-family mortgage loan risk assessment.

Fannie Mae to Accept Crypto-Backed Mortgages for the First Time

This means homebuyers can secure a standard conforming mortgage without liquidating tokenized assets, which potentially triggers a taxable event.

Yaël Bizouati-Kennedy

Pain point

3/26/26

$14 billion of bitcoin options expire tomorrow, but geopolitical tensions remain key driver of volatility

The expiries create a gravitational pull in the days leading up to them as market makers hedging their books push bitcoin’s price toward “max pain.”

Sage D. Young3/25/26

GameStop transfers all but 1 bitcoin to Coinbase as collateral

It’s been one year since GameStop added bitcoin as a treasury reserve asset, but the company has since halted its accumulation strategy, joining a fray of companies pivoting away from HODLing the cryptocurrency.

The gaming and collectibles retailer was at one point the 21st-largest bitcoin treasury company, but has since dropped to 190th after pledging all but one of its 4,710 bitcoin as collateral for its covered-call strategy with Coinbase Credit, data from Bitcoin Treasuries shows. Earlier this year, GameStop moved 51% of its bitcoin to Coinbase Prime, triggering speculation that it would offload the asset.

Coinbase Credit has the “right to rehypothecate, commingle, or unilaterally sell the Pledged Bitcoin,” per GameStop’s 10K filing with the SEC on Tuesday. “As a result of these rights, we concluded that control of the Pledged Bitcoin transferred to the counterparty. Accordingly, we derecognized the Pledged Bitcoin as an intangible asset.” That said, GameStop also “recognized digital assets receivable of $368.3 million... representing our contractual right to receive equivalent amount of Bitcoin in the future.”

GameStop sold covered‑call option contracts, which have strike prices ranging from $105,000 to $110,000 and maturities extending through March 2026, to mitigate its exposure to bitcoin’s price volatility and generate incremental yield.

The move comes as a number of other bitcoin firms have reached a tipping point and sold part of their stockpile.

Empery Digital, the 23rd-largest bitcoin treasury firm, announced in a March press release that it sold $4.2 million worth of BTC to fund share repurchases. DL News also reported that a shareholder who owns 9.8% of Empery Digital demanded the company sell its entire bitcoin stockpile and the immediate resignation of its CEO and entire board of directors.
GD Culture Group approved the sale of an unspecified amount of its 7,500-bitcoin reserve to fund its share repurchase program, according to a press release last month.
Elsewhere, Cango sold 4,451 BTC to reduce its overall finance leverage and strengthen its balance sheet, while Riot Platforms sold around $200 million worth of bitcoin in November and December.

Despite GameStop’s pledge to Coinbase Credit, the company has technically left the door open to resume its bitcoin strategy: the gaming firm said it intends to use net proceeds from its convertible 2030 notes for general corporate purposes, including the acquisition of bitcoin.

Shares of GameStop are up 2.7% today after posting lackluster Q4 results yesterday.

The move comes as a number of other bitcoin firms have reached a tipping point and sold part of their stockpile.

Empery Digital, the 23rd-largest bitcoin treasury firm, announced in a March press release that it sold $4.2 million worth of BTC to fund share repurchases. DL News also reported that a shareholder who owns 9.8% of Empery Digital demanded the company sell its entire bitcoin stockpile and the immediate resignation of its CEO and entire board of directors.
GD Culture Group approved the sale of an unspecified amount of its 7,500-bitcoin reserve to fund its share repurchase program, according to a press release last month.
Elsewhere, Cango sold 4,451 BTC to reduce its overall finance leverage and strengthen its balance sheet, while Riot Platforms sold around $200 million worth of bitcoin in November and December.

Shares of GameStop are up 2.7% today after posting lackluster Q4 results yesterday.

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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Derivatives, LLC, or Robinhood Money, LLC. Futures and event contracts are offered through Robinhood Derivatives, LLC.