In a post by X, the on-chain analytics platform Arkham Intelligence revealed that an account associated with SharpLink had just invested $100 million to purchase ETH. The platform indicated that the address (0xCd9) in question had previously bought $800 million in ETH for the company.
Now, this address has sent another $108.6 million of USDC to Galaxy Digital's OTC, likely another attempt to acquire more ETH for the company's Ethereum Treasury. Other data from the Arkham platform shows that the address sent the $108.6 million of USDC in two transactions.
The address first sent 53.009 million USDC to Galaxy Digital's OTC wallet. Subsequently, it made another transaction of 55.565 million USDC to the same account. At the current market price, SharpLink is expected to receive around 31,941 ETH for its purchase of $108.6 million. The company already owns 438,200 ETH, not counting these coins.
Interestingly, this decision by the second largest treasury of Ethereum comes just as Eric Trump was advising investors to buy during the dip. ETH, along with the cryptocurrency market in general, has experienced a steady decline since the beginning of the week. Since then, the largest altcoin in the market has dropped from its local high of around $3,900.
