Ethereum briefly touches $4,000
Meanwhile, a new entrant to the ethereum treasury firm, Fundamental Global Inc., is offering $5 billion of securities with a goal “to acquire and grow our overall ETH position.”
Ethereum briefly surpassed $4,000 on Friday, a critical resistance level last seen in December.
As a result of the token’s price increasing more than 9% in the last 24 hours, roughly $93 million of ethereum short positions were liquidated, according to data from crypto derivative data analysis platform CoinGlass.
The price action of ethereum comes hot off the heels of ethereum treasury company Fundamental Global Inc. filing an S-3 registration statement with the US Securities and Exchange Commission on Thursday that states the company may sell $5 billion worth of securities. Shares of Fundamental Global have plummeted over 46% on the day.
The prospectus does not announce that Fundamental Global will directly use the proceeds to purchase ethereum, but the document does say the firm intends to accumulate the token as a long-term treasury asset.
“Our goal is to acquire and grow our overall ETH position and utilize professional treasury strategies to significantly increase our ETH per common share,” the filing states. “Our treasury strategy will be focused on increasing the amount of ETH through a combination of capital raising activities and Treasury activities including staking, restaking, liquid staking and other decentralized finance activities.”
On Tuesday, Fundamental Global announced closing a $200 million private placement to accelerate its ethereum acquisition strategy. “This capital positions us to execute our ETH treasury strategy at scale with a target of 10% stake in the Ethereum Network,” the firm’s CEO and chairman, Kyle Cerminara, said.
In other ethereum news:
SharpLink Gaming, a prominent ethereum treasury company, announced entering into a securities purchase agreement for $200 million. A Thursday press release stated that net proceeds of the offering will be allocated to the firm’s ethereum treasury.
After starting the week with the largest daily outflow ever, at $465 million, US spot ethereum ETFs recorded three consecutive days of inflows, with Thursday seeing $222 million of inflows. However, inflows for the week are still negative, per SoSoValue.
Uniswap, a popular decentralized exchange that has a total locked value of $5.7 billion, recorded an all-time high in yearly swaps. This year, the protocol has seen 719.9 million swaps, more than last year’s total of 670.7 million, a Dune Analytics dashboard created by Uniswap Labs shows.
