Nasdaq-listed SharpLink Gaming (SBET) has continued its aggressive Ethereum accumulation, buying another 16,374 ETH, worth around $48.85 million on Sunday, according to Arkham Intelligence.
The transaction saw the funds being moved from wallet address “0xCd9…F5F75,” which had reportedly purchased the ETH from Galaxy Digital’s OTC desk earlier in the day.
While SharpLink hasn’t officially confirmed the buy, blockchain tracker EmberCN says this latest move pushes the company’s total ETH holdings to approximately 270,000 ETH. Just last Friday, SharpLink had acquired 21,487 ETH worth $63.7 million, sending its stock price up by over 17%, closing at $21.65.
SharpLink’s Ethereum strategy began in late May following a $425 million private placement led by Consensys. Ethereum co-founder and Consensys CEO Joseph Lubin is now SharpLink’s Chairman. The firm, once a Minneapolis-based iGaming and affiliate-marketing company, is rapidly transforming into a crypto treasury powerhouse.
Lubin explained that SharpLink is buying, staking, and restaking ETH to support the long-term health of the Ethereum ecosystem. “We’re removing ETH from circulation, reinforcing decentralization and network strength,” he said.
The price of Ethereum also saw a modest 1.2% gain over the past 24 hours, now trading at around $2,981, its highest level since February. With over 270,000 ETH under its belt, SharpLink is quickly emerging as one of the biggest institutional players backing Ethereum’s future.
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