In major move, SharpLink Acquires $108.6 Million in ETH

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Key Takeaways

  • Arkham data shows the $108.6 million USDC was split into two transactions โ€” $53.009 million in the first transfer and $55.565 million in the second
  • The funds were transferred from a SharpLink-associated address identified as 0xCd9, which has previously been used to acquire $800 million worth of ETH for the company.

SharpLink has executed another major Ethereum purchase, sending $108.6 million USDC to Galaxy Digitalโ€™s over-the-counter desk, according to on-chain data from Arkham Intelligence. The funds were transferred from a SharpLink-associated address identified as 0xCd9, which has previously been used to acquire $800 million worth of ETH for the company.

Arkham data shows the $108.6 million USDC was split into two transactions โ€” $53.009 million in the first transfer and $55.565 million in the second. At current market prices, the purchase is expected to yield approximately 31,941 ETH. Prior to this latest purchase, SharpLink held 438,200 ETH; adding the new coins would lift its total to around 470,141 ETH, making it the second-largest corporate Ethereum holder after BitMineโ€™s 625,000 ETH.

The companyโ€™s activity comes amid a week-long decline in the crypto market. Ether, the second-largest crypto by market capitalization, has dropped from a local high near $3,900 earlier in the week. The timing coincides with public comments from Eric Trump, who urged investors to โ€œbuy the dip.โ€

SharpLinkโ€™s ongoing purchases form part of a broader accumulation trend among large corporate treasuries. According to industry data, strategic ETH reserves held by companies have now surpassed $10 billion. Other major holders include The Ether Machine with 334,800 ETH, the Ethereum Foundation with 233,600 ETH, and PulseChain with 166,300 ETH.

On Thursday, SharpLink separately acquired 11,259 ETH for $43.09 million USDC at an average price of $3,828.

In parallel, The Ether Machine boosted its position last week with the purchase of 15,000 ETH for $56.9 million at an average price of $3,809. The acquisition, timed to coincide with Ethereumโ€™s 10th anniversary, brought its holdings to 334,757 ETH โ€” surpassing the Ethereum Foundation to become the third-largest corporate holder.

The Ether Machine, formed earlier this year through a merger with Nasdaq-listed Dynamix Corp., is seeking to raise $1.6 billion and has plans to go public later this year under the ticker ETHM.

BitMine Chairman Tom Lee has projected that Etherโ€™s price could reach $15,000, citing Wall Street accumulation, Ethereumโ€™s network reliability, and its position as a beneficiary of tokenization adoption under clearer legal frameworks.

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Saniya
Saniya

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