SharpLink Gaming is set to stake a portion of its impressive $3.6 billion ETH holdings on the Linea network once it becomes operational on the mainnet. The company has traditionally managed its staking through established custodians, Anchorage and Coinbase, but is now exploring new opportunities for higher yields. “When you hold billions of dollars of ETH and you’re looking at a portfolio of staking, there is going to be an ability to deploy that through staking opportunities on Linea,” stated SharpLink co-CEO Joseph Chalom. Increased interest in staking and becoming Ethereum validators has led to a current wait time of over 16 days to become a validator, according to the Validator Queue.
Interestingly, a recent move by an Ethereum ICO whale involved transferring $645 million worth of ETH into a staking wallet, although they still retain $1.1 billion in assets. However, this shift in strategy does not seem to be reflected positively in SharpLink’s stock performance; shares of SBET have fallen by 4%, trading at approximately $14.81, marking a nearly 20% decline since the week’s outset.
In another notable development, the leaders of the SEC and CFTC have announced that they are considering the introduction of “24/7 markets” to resonate with the constant trading nature of the digital assets market. SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham suggested that expanding trading hours could better align U.S. markets with the global economy’s always-on reality. However, they acknowledged that round-the-clock trading may not be suitable for all asset types. If implemented, this change could mark another significant alteration to financial markets under the Trump administration, echoing earlier efforts to relax restrictions on cryptocurrency trading.
Meanwhile, Bitcoin miners have reached a record-high combined market capitalization of $39 billion, significantly benefiting from the rising demand for AI compute services. This breakthrough is attributed to firms pivoting their operations to meet the growing needs of AI companies. JP Morgan’s analysis indicates that 13 U.S.-listed miners, including notable names like Iris Energy, Hut 8, and Marathon, have successfully transitioned to this lucrative market. TeraWulf has made headlines with an impressive 83% rise in its stock following the expansion of its AI hosting partnerships.
In other significant news, Strategy has acquired an additional $450 million in Bitcoin, maintaining its purchasing streak alongside receiving a reiteration of a ‘Buy’ rating from Benchmark. On the custody front, U.S. Bank has reintroduced its Bitcoin custody service, responding to a surge in demand for institutional-grade custodial solutions after a lengthy hiatus. Additionally, shareholders of Japanese Bitcoin treasury firm Metaplanet have approved a substantial $884 million capital raise to support the company’s ongoing cash flow challenges, with analysts anticipating that the firm will continue its Bitcoin acquisition strategy, even amid market fluctuations.
