SharpLink Gaming's Pivot to an Ethereum Treasury Resulted in a Surge in Stock Price and Market Cap

Nigel Farage, leader of Britain’s Reform Party, showcased the Crypto Assets and Digital Finance Bill at Bitcoin 2025. The bill aims to reduce capital gains taxes on crypto, establish a Bitcoin reserve, and prevent banks from denying services based on crypto involvement.

Yuga Labs has sold off the Moonbirds NFT project to Orange Cap Games, a gaming startup known for digital and physical trading card games. Yuga just acquired the IP a little over a year ago, but has recently been selling off previously acquired properties to refocus on the Bored Ape Yacht Club.

Méliuz's announcement of a primary share offering to raise funds for buying more Bitcoin caused its shares to drop over 8% on Friday. The company plans to offer 17 million common shares initially, with the potential to triple the amount based on demand.

GameStop's share price dropped nearly 17% after investing $512 million in Bitcoin, with concerns raised about its ability to handle the volatility of the asset. Meanwhile, BlackRock's iShares Bitcoin Trust saw record net deposits of over $6.22 billion this month, making it the 23rd largest fund.

Over $827 million in liquidations occurred in the past 24 hours, with Bitcoin leading the losses at $222 million. Dogecoin, Solana, XRP, and Ethereum also experienced declines, contributing to the 4.3% drop in the overall crypto market.

Canary Capital has filed for an ETF tracking Cronos (CRO) with the SEC, joining the trend of altcoin-based funds. The registration form signals progress towards launching the Canary Stake CRO ETF in the U.S., following the establishment of a Delaware Trust entity for the fund.

Trump Media & Technology Group raised $2.4 billion for a Bitcoin treasury through stock and notes offerings. The funds will be used for Bitcoin acquisition and general corporate purposes, with Anchorage Digital and Crypto.com as custodians.

SharpLink Gaming, an online casino company, raised $425 million to establish an Ethereum treasury, resulting in a 2,700% surge in share price and an 11-fold increase in market capitalization. Consensys CEO Joe Lubin orchestrated the deal, positioning Ethereum as a potential leader in institutional adoption.

Recent fluctuations in the crypto market, with altcoins like XRP and Solana dropping by 4.5% and 5.1% respectively, have been attributed to uncertainty surrounding President Donald Trump's trade tariffs. Bitcoin, on the other hand, has only fallen by 1.6% to $105,370 in the same period, leading to a rise in its dominance to 64.14%.