SharpLink Gaming Buys $100M ETH Amid Crypto Market Dip
SharpLink Gaming has increased its ETH holdings by capitalizing on the recent crypto market correction, adding just over $100 million in ETH to its Ethereum treasury. This strategic move aims to reduce the average cost price of their total holdings.
SharpLink Gaming Expands Ethereum Treasury with $100M ETH Purchase
Arkham Intelligence reported on X that an account linked to SharpLink Gaming deployed $100 million to purchase ETH. The address, 0xCd9, has previously invested $800 million in ETH for the company.
The platform noted that the address (0xCd9) in question had previously bought $800 million of ETH for the company.
Following the initial transaction, the same address sent an additional $108.6 million USDC to Galaxy Digital’s OTC, indicating a further acquisition of ETH for their treasury. Data from Arkham Intelligence shows this amount was transferred in two transactions:
- First transaction: 53.009 million USDC
- Second transaction: 55.565 million USDC
At current market prices, SharpLink is expected to receive approximately 31,941 ETH for their $108.6 million investment. Prior to this purchase, the company held 438,200 ETH.
This action by the second-largest Ethereum treasury holder coincides with market commentary suggesting investors should capitalize on the dip. ETH, along with the broader crypto market, has seen a decline from its recent high of around $3,900.
Companies Actively Accumulating ETH
SharpLink’s recent purchase highlights a growing trend of companies accumulating ETH for their treasuries. Strategic ETH reserves held by companies have surpassed $10 billion.
Tom Lee’s BitMine leads with 625,000 ETH, followed by SharpLink. The Ether Machine, Ethereum Foundation, and PulseChain round out the top five, holding 334,800 ETH, 233,600 ETH, and 166,300 ETH, respectively.
Tom Lee, Chairman at BitMine, is optimistic about ETH's potential, predicting it could reach $15,000. He attributes this to Ethereum’s strong fundamentals and the increasing Wall Street interest. He also believes Ethereum will significantly benefit from tokenization due to its legal clarity and network reliability.