SharpLink Gaming Inc., a Minneapolis-based gaming technology company listed on Nasdaq (SBET), has added another large amount of Ethereum (ETH) to its balance sheet. The firm has become known for acquiring ETH as a treasury asset since Joe Lubin, the co-founder of Ethereum became the company’s board chairman.
According to Lookonchain data, SharpLink transferred a total of $108 million in USDC to Galaxy Digital and received 14,933 ETH in return. The coins were bought at an average price of $3,550. This came right after the firm’s recent purchase of approximately $43 million in ETH, suggesting more purchases may follow.
The move came as Ethereum (ETH) price dropped below $3,500 on Friday morning. The fall followed a wave of sell-offs in the broader crypto market, although trading volumes remain strong.
The latest buy brings SharpLink’s total Ethereum holdings to 464,000 ETH, worth around $1.62 billion. The company started buying in early June and has been making large purchases in steady batches. Its average cost is about $3,029, which means it’s now sitting on an unrealised gain of roughly $214 million.
SharpLink’s Ethereum Acquisition Strategy
SharpLink has been compared to MicroStrategy, which took a similar approach with Bitcoin. The company uses Galaxy Digital to handle nearly all of its ETH purchases. Each transaction follows a similar pattern: USDC is sent to Galaxy, followed by ETH being sent to SharpLink’s wallet.
As SharpLink keeps stacking ETH in large amounts, it points to the firm’s clear and long-term investment plan. Its wallet activity shows that most of the ETH has already been staked, signalling that the company is not just holding ETH, but also using it to earn rewards over time.
Many other companies, such as Ether Machine, have also shown a positive institutional appetite for ETH. SharpLink’s approach shows clearly that it is holding ETH for value and also staking it to earn extra returns. Even with the recent price drop, the steady buying shows strong belief in Ethereum’s potential.
Also Read: Trump Raises $236M in Early 2025, Mostly from Crypto Donor
