SharpLink Eyes $145M ETH Purchase After New BlackRock CEO
SharpLink Gaming Prepares for Significant Ethereum Investment
SharpLink Gaming, recognized as the world’s largest Ethereum (ETH) treasury holder, is set to make another substantial ETH purchase worth $145 million. Recent on-chain data indicates that the company received 145 million USDC from Circle and subsequently transferred it to Galaxy Digital, suggesting a strategic move to increase its ETH holdings.
Currently, Ethereum's price is demonstrating strength, with a 4% increase to $3,740, pushing its market capitalization beyond $450 billion.
Details of the $145M USDC Transfer
The transfer of 145 million newly minted USDC stablecoins to SharpLink Gaming (NASDAQ: SBET) strongly indicates the firm’s intention to expand its already impressive 360,807 ETH portfolio. This move will solidify SharpLink's position as the leading publicly-listed firm in terms of ETH Treasury holdings.
SharpLink’s wallet, which recently received the USDC, had not engaged in any ETH purchases earlier in the week. Following the receipt, the entire 145 million USDC was moved to a wallet associated with Galaxy Digital, a key liquidity provider that has facilitated most of SharpLink’s previous ETH acquisitions. This latest transaction signals a continuation of SharpLink’s ETH accumulation strategy.
New Co-CEO from BlackRock
In a significant development, Joseph Chalom, former Head of Digital Assets Strategy at BlackRock, has joined SharpLink as Co-CEO. During his 20-year tenure at BlackRock, Chalom played a pivotal role in launching several major digital asset initiatives.
Chalom was instrumental in the creation of the iShares Bitcoin Trust (IBIT), which now manages over $87 billion in assets, the iShares Ethereum Trust (ETHA) with $10 billion AUM, and BUIDL, the first tokenized U.S. Treasury fund deployed on Ethereum. Chalom commented on his new role:
“I am joining SharpLink because I see a powerful opportunity to help shape the future of financial infrastructure and decentralized finance. SharpLink’s commitment to aligning its strategic direction with the Ethereum ecosystem reflects a bold and forward-thinking vision.”
Following a brief pullback to $3,500 earlier in the week, the ETH price has rebounded, trading at $3740 at press time. The ETH futures open interest remains high at $5.05 billion, reflecting a bullish sentiment among traders.
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