[SBET: How much longer can the ETH treasury hold out?]



SharpLink Gaming (SBET) latest 8-K disclosure has hired KPMG; the company announced an ETH inventory of 205,634 coins on X, and raised another $64 million through ATM to continue buying coins. At an ETH price of $2,778, the treasury is approximately $570 million, accounting for about 54% of the market value of $1.06 billion, with the stock price highly resonating with ETH. PIPE/ATM share expansion is still ongoing, with dilution and coin accumulation racing against each other.

Options temperature has cooled but not cold: 30-day IV 159%, IV Rank 52%; 7/18 contract implied volatility 184%, single-day expected amplitude ±23%, Put/Call volume ratio 0.38, bullish sentiment still exists. Monitoring indicates that large orders were executed for the August 20 dollar Call and 15 dollar Put, used for directional or volatility arbitrage.

Many view it as the "ETH version of MicroStrategy," betting on leveraged bull markets; bears remind that the "financing-buying coins-dilution" cycle may trigger reverse leverage.

#ETH
ETH0.7%
ATM4.02%
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