SharpLink Gaming has made another major move in its crypto investment strategy by purchasing over $100 million worth of Ethereum. This strategic acquisition, made during a downturn in the cryptocurrency market, could help reduce the average cost of the company’s significant ETH holdings.
According to Arkham Intelligence, the Ethereum wallet identified as 0xCd9 and associated with SharpLink recently transferred $108.6 million USDC to Galaxy Digital’s over-the-counter (OTC) trading desk. The transaction was split into two parts: 53.009 million USDC followed by another 55.565 million USDC — both sent to the same Galaxy wallet.
Banking on Ether
This development highlights the firm’s ongoing interest in expanding its Ethereum Treasury. Prior to this, the same wallet had already recorded an $800 million purchase of ETH, bringing SharpLink’s ETH position to one of the largest among corporate treasuries. As per Arkham’s analytics, this latest purchase could yield roughly 31,941 ETH at the current market rate.
The strategic timing of this accumulation is notable. SharpLink appears to be echoing broader investor sentiment, as figures like Eric Trump have recently encouraged investors to “buy the dip.” Ethereum (ETH), along with the wider crypto market, has seen steady declines since reaching a local high of $3,900. The altcoin’s market capitalization has since fallen, making this a potential bargain-buying opportunity.
Even without this latest acquisition, SharpLink is already holding an impressive 438,200 ETH, making it the second-largest Ethereum treasury after MicroStrategy. Now with a potential total purchase of over $1 billion in ETH, the company seems firmly committed to long-term blockchain positioning.
This ETH treasury expansion comes amid heightened activity from institutional investors. The use of Galaxy Digital’s OTC services and strategic deployment of USDC indicates a preference for structured, low-slippage trading environments. SharpLink’s move might influence other firms looking to emulate similar on-chain treasury strategies.
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