- SharpLink, while only new in the Ethereum game, has already grown the value of its ETH stockpile to $1.65 billion.
- The company trails Bitmine’s over $2.7 billion ETH treasury.
- Both companies could benefit from Eric Trump’s declaration of support for Ether.
Fresh from its initial $25.72 million Ethereum (ETH) purchase last month, SharpLink wasted no time making big moves on the token. It has dropped over a billion dollars in the second-largest crypto asset to date, immediately positioning it closer to Bitmine’s Ether holdings.
SharpLink Boosts Ethereum Treasury to $1.65 Billion
According to reports, the Nasdaq-listed firm recently greenlit another 15,822 ETH acquisition. It spent around $53.9 million at an average of $3,530 per ETH on the purchase last weekend.
At this rate, SharpLink has already accumulated 480,031 ETH. The figures translate to over $1.68 billion in today’s prevailing $3,500 per ETH exchange rate. Its holdings now surpass even the Ethereum Foundation’s 234,000 ETH reserves.
SharpLink’s aggressive buying spree in Ethereum came amid the surge in investor optimism in the asset. It was fueled by the significant overhaul in its network, starting with the Pectra upgrade rollout in May. It also coincided with the solid performance of spot Ethereum exchange-traded funds (ETFs) in the US market last month.
Spot Ethereum ETFs notably generated $5.43 billion in total net inflows during the month. Interestingly, only July 2 displayed a negative inflow of $1.9 million out of the 22 trading days of the same month.
The first day of August halted the 20-day streak of positive inflows of Ether ETFs with a negative $152.3 million net inflows.
Bitmine Sneaks $300 Million In Ethereum Purchase
Without much fanfare, Bitmine also recently snuck out a $300 million purchase for Ethereum. Based on its wallet address records on Arkham Intelligence, the company linked to Tom Lee (as its chairman) triggered the transactions in the past three days.
The Bitcoin mining and hosting company has grown its Ether portfolio to over $2.7 billion, making it the largest publicly traded company in terms of ETH holdings. People liken its status to Strategy’s (formerly MicroStrategy) positioning in the Bitcoin (BTC) ecosystem.
Eric Trump Flashes Another Buy Signal for Ethereum
SharpLink and Bitmine may substantially gain from Eric Trump’s recent declarations on Ethereum. In February, the executive vice President of the Trump Organization and son of President Donald Trump rallied the crypto community, telling them it would be a great time to stack up on ETH. This came past the January rally, while the digital asset was trading under $3K. He repeated the same call when the token dipped around $2K in February.
Fast-forward to the present, after Ether’s pullback from a $3.9K top in July to $3.5K today, he again made another rallying cry to “buy the dips.” Coming from a member of the first family with access to the inner workings of the Trump administration, something big might be brewing that he isn’t directly telling us.
Eric’s buy signal, while controversial to many, highlights the Trump family’s firm conviction in crypto, including Ethereum. Whether his remark is prescient or merely speculative, this kind of information coming from a person with access to the inner circle of the US president may just be too hard to ignore for many.
Disclaimer
We urge readers not to base their investment decisions entirely on the limited facts presented here and to do their own research. Nothing in this article should be construed as investment advice or product recommendation coming from the Blockzeit team. Readers should always consult a professional or registered investment adviser who will tailor their strategies to their risk tolerance and available finances.
What’s your Reaction?
+1
1
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
