SharpLink Gaming is expanding its Ethereum reserves by strategically purchasing more ETH. The company recently capitalized on the cryptocurrency market dip by acquiring over $100 million worth of ETH. This action could potentially decrease the overall average purchase price of their holdings.
SharpLink Gaming Invests Over $100 Million in ETH, Boosting Ethereum Treasury
According to a post on X by the on-chain analytics firm Arkham Intelligence, an account linked to SharpLink executed a $100 million ETH purchase. Arkham Intelligence highlighted that the specific address (0xCd9) had previously acquired $800 million worth of ETH on behalf of the company.
THIS SHARPLINK-ASSOCIATED ACCOUNT JUST DEPLOYED $100M TO BUY ETH
0xCd9 has so far bought $800M of ETH for SharpLink Gaming, and just sent another $108.6M USDC to Galaxy Digital OTC.
How long can they keep buying ETH for?
Address: 0xCd9e09B30d481cc33937CE33fEB3d94D434F5F75 pic.twitter.com/j8eXDcyE9A
— Arkham (@arkham) August 2, 2025
The same address has also transferred $108.6 million in USDC to Galaxy Digital’s Over-the-Counter (OTC) desk. This is likely another move to procure more ETH for their Ethereum Treasury. Additional data provided by Arkham Intelligence indicates that the $108.6 million USDC transfer was completed in two separate transactions.
Initially, the address sent 53.009 million USDC to the Galaxy Digital OTC wallet. Subsequently, a second transaction of 55.565 million USDC was sent to the same wallet. Based on current market prices, SharpLink is anticipated to receive approximately 31,941 ETH in exchange for their $108.6 million purchase. Prior to this acquisition, the company’s holdings already consisted of 438,200 ETH.
Interestingly, this action by the second-largest Ethereum treasury holder occurs at the same time that Eric Trump suggested that investors take advantage of the market dip. ETH, along with the broader cryptocurrency market, has experienced a downward trend since the week’s beginning. The market value of the leading altcoin has fallen from its recent high of approximately $3,900.
TradingView; ETH Daily Chart
Corporate ETH Accumulation on the Rise
SharpLink’s recent acquisition highlights a broader trend of companies accumulating ETH for their corporate Ethereum treasuries. As CoinGape previously reported, the total strategic ETH reserves held by various companies have recently exceeded $10 billion.
BitMine, under the leadership of Tom Lee, leads the pack with 625,000 ETH held in its treasury. SharpLink holds the second position. The Ether Machine, the Ethereum Foundation, and PulseChain round out the top five, holding 334,800 ETH, 233,600 ETH, and 166,300 ETH in their respective reserves.
Tom Lee holds an extremely bullish view on ETH. This belief led him to accept the role of Chairman at BitMine after the company adopted an Ethereum treasury strategy. In a recent interview, he projected that Ethereum’s price could potentially reach $15,000.
He attributed this optimistic outlook to Ethereum’s robust fundamentals. Lee pointed out that Wall Street firms are actively increasing their ETH holdings. He also stated that the Ethereum network is expected to gain the most benefits from tokenization due to the legal clarity surrounding the blockchain and its consistent uptime.
Boluwatife Adeyemi
Boluwatife Adeyemi is a seasoned crypto journalist and editor covering various topics in the crypto sphere. He excels at
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