- SharpLink acquires 77,210 ETH worth $295 million, staking most of it for rewards
- Total ETH holdings exceed 438,000, worth more than $1.69 billion
- SharpLink expands leadership team with Joseph Chalom as co-CEO
SharpLink Gaming, the second-largest corporate holder of Ether, has made a massive purchase of 77,210 ETH, valued at $295 million, signaling its continued commitment to expanding its crypto treasury. This single acquisition surpasses the network’s net issuance of Ether in the past month, which stood at just 72,795 ETH, according to Ultra Sound Money. Following the purchase, SharpLink staked most of the acquired ETH to earn staking rewards, boosting its exposure to the Ethereum network.
With the recent purchase, SharpLink’s total ETH holdings have now surpassed 438,000 ETH, worth over $1.69 billion, according to data from Lookonchain. The company now holds more than $1.5 billion in ETH, making it one of the largest holders of Ether in the corporate world, only behind Bitmine Immersion Tech, which has exceeded $2 billion in ETH holdings.
SharpLink pushes boundaries with ETH and leadership moves
As SharpLink continues to build its crypto treasury, the company also made a significant leadership shift. On July 21, SharpLink announced the appointment of Joseph Chalom as its new co-CEO. Chalom brings 20 years of experience from his tenure at BlackRock, the world’s largest asset management firm, and will be responsible for shaping the company’s global strategy moving forward.
In addition to hiring Chalom, SharpLink also nominated Joseph Lubin, the Consensys CEO, as chairman of its board of directors in May, further strengthening the company’s leadership and commitment to the growing Ethereum space.
ETH supply shock could push price, warn analysts
SharpLink’s continued acquisition of ETH comes amid growing institutional demand for the cryptocurrency. As corporate players and institutional investors flood into the ETH market, analysts predict that this could lead to a supply shock for Ether, potentially driving its price upward.
Other players in the space, including BitMine Immersion Technologies, have also been amassing significant amounts of ETH. BitMine announced that it holds more than 566,000 ETH, worth over $2 billion, and has set an ambitious goal of holding 5% of ETH’s total supply a massive 6 million ETH, valued at over $23 billion. Together, corporations and ETFs now hold 6.73% of ETH’s total supply, which amounts to over 8 million ETH worth more than $31 billion, according to the Strategic ETH Reserve.
With this increase in demand from corporate entities, the scarcity of ETH could accelerate, influencing its price in the coming months. SharpLink and BitMine’s heavy investments in ETH underscore the growing institutional confidence in Ethereum as a foundational layer for crypto finance.
