Continuing its Ethereum buying spree, SharpLink acquired an additional 77,210 ETH for $295 million on 28 July. The new purchase brings SharpLink’s total ETH holdings to 438,017 ETH valued at $1.69 billion, as per Arkham data cited by Lookonchain.
The company executed this latest purchase through over-the-counter (OTC) transactions facilitated by Galaxy Digital, a top crypto asset management firm.Â
This purchase adds to SharpLink’s rapid Ethereum accumulation strategy, which has already positioned it ahead of the Ethereum Foundation. Previously, on July 25, SharpLink transferred $145 million in USDC to Galaxy Digital.
Apart from this purchase, analysts believe that more ETH purchases may follow soon. Moreover, the company acquired over 16,000 ETH in July alone via similar OTC deals. Its total Ethereum purchases at the time were close to $1.3 billion.
Ethereum Treasury Strategy Takes Shape
SharpLink is ramping up its Ethereum-first treasury strategy. The company sees ETH as a key reserve asset, and it mainly funds purchases through At-The-Market (ATM) equity offerings. In addition to buying ETH, the firm stakes almost all of its holdings to generate yield. This approach not only enhances returns but also deepens SharpLink’s involvement in the Ethereum ecosystem.
As a result, the company is setting a standard for how businesses can adopt ETH and deploy ideal crypto strategies. Their forward-thinking strategy is changing the way companies view digital assets as part of their treasury reserves.
Leadership Reinforced with BlackRock Talent
Additionally, SharpLink roped in Joseph Chalom, BlackRock’s top digital asset executive, as co-CEO. He began the role on July 24. Chalom previously led the launch of BlackRock’s iShares Ethereum Trust (ETHA), now the largest Ethereum ETF globally. His experience includes partnerships with Coinbase, Circle, and Nasdaq.
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