SharpLink Gaming (SBET) saw its stock soar 5.03% in after-hours trading on Friday, riding the wave of enthusiasm in the crypto market as Ethereum (ETH) reached a six-month high. The surge comes amid a broader rally in crypto-related stocks, fueled by positive regulatory developments and strong performance in the cryptocurrency space.
Earlier this week, SharpLink Gaming disclosed that it holds over 280,706 ETH as part of its treasury strategy, positioning the company to benefit from Ethereum's price movements. The recent climb in Ethereum's value to $3,604, representing a more than 4% gain in 24 hours, likely contributed to investor optimism surrounding SharpLink's stock.
The crypto market received a significant boost as the U.S. House of Representatives passed three crypto bills, including the Genius Act for stablecoins and the Clarity Act for broader crypto regulation. These developments, coupled with reports that President Donald Trump is preparing to open the $9 trillion US retirement market to cryptocurrency investments, have created a bullish sentiment in the crypto sector. As a company with substantial Ethereum holdings, SharpLink Gaming stands to benefit from this positive regulatory environment and increased institutional interest in cryptocurrencies.
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