SharpLink sent $108.6 million USDC through Galaxy Digital to purchase roughly 31,941 ETH during the market dip.
This new acquisition brings SharpLink’s total ETH holdings to over 470,000, maintaining its rank as the second-largest holder.
Corporate Ethereum treasuries have exceeded $10 billion, led by BitMine and followed by SharpLink in the accumulation trend.
SharpLink Gaming has added $108.6 million worth of Ethereum to its growing crypto reserves, taking advantage of the ongoing market correction. Blockchain data from Arkham Intelligence confirms that the purchase was made through two large USDC transactions via Galaxy Digital's over-the-counter (OTC) desk.
The crypto wallet address linked to SharpLink sent $53 million in USDC, followed shortly by another $55.6 million transfer to Galaxy Digital’s OTC account. The combined $108.6 million is estimated to yield approximately 31,941 ETH at the current market rate.
Holdings exceed 470,000 ETH
Before this transaction, SharpLink's Ethereum treasury held 438,200 ETH. With the latest acquisition, the company’s total holdings now exceed 470,000 ETH, reinforcing its position as the second-largest Ethereum-holding company globally.
https://twitter.com/arkham/status/1951688535242850365
Corporate ETH accumulation continues to grow across the board. According to CoinGape, strategic Ethereum reserves held by companies have surpassed the $10 billion mark. BitMine, chaired by Tom Lee, remains the largest holder with 625,000 ETH. SharpLink follows, ahead of The Ether Machine, Ethereum Foundation, and PulseChain.
Ethereum price drops amid broader correction
SharpLink’s latest ETH acquisition comes as the crypto market faces a correction. Ethereum has declined from its recent local high of $3,900, prompting strategic buying activity from investors. The timing aligns with broader market sentiment, where some analysts and public figures, including Eric Trump, have advised investors to capitalize on lower prices.
The use of Galaxy Digital’s OTC platform suggests SharpLink is seeking to avoid slippage and maintain discretion for large-volume purchases. This method is increasingly favored among institutions and treasury-managed entities aiming to expand crypto holdings without impacting the open market.
Tom Lee, now heading BitMine, recently reiterated strong institutional interest in Ethereum. He noted Ethereum’s stability and legal clarity, highlighting its advantages in the tokenization space. With companies like SharpLink accelerating their accumulation strategies, corporate ETH reserves are expected to expand further.
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