SharpLink Gaming has doubled down on its Ethereum Treasury strategy with a significant purchase of more than 31,000 ETH.
The move reflects growing corporate interest in ETH as a reserve asset and further signals the digital asset’s shifting role in institutional portfolios.
SharpLink’s Ethereum Stash Yields $45 Million in Unrealized Profit
According to blockchain data tracked by EmberCN via Arkham Intelligence, Sharplink acquired 21,487 ETH on July 12, amounting to $64.26 million.
SharpLink split the acquired ETH between two platforms, purchasing 14,693 ETH from Galaxy Digital for $43.89 million and 6,804 ETH from Coinbase Prime for $20.37 million.
This followed a separate 10,000 ETH purchase the day before, directly from the Ethereum Foundation for $25.7 million. The company’s total purchase over the two days reached 31,487 ETH.
While some observers view the Ethereum Foundation’s sale as a routine funding move, it has sparked criticism within the crypto community. Detractors described the Foundation’s offloading of ETH as a lack of faith in the digital asset.
However, the Foundation clarified that the funds will be used to support core functions. These include protocol research, community grants, and ecosystem development.
“This went to a ETH holding company; the microstrategy of ETH: basically it went to the most diamond handed buyers possible. that’s quite literally their whole thing;
Go to Source to See Full Article
Author: Oluwapelumi Adejumo
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
