SharpLink Buys the Dip, Acquires $100M in ETH for Ethereum Treasury

SharpLink Gaming continues to accumulate more ETH for its Ethereum treasury. This time, the company has taken advantage of the current crypto market correction to snap up just over $100 million in ETH, a move that could help lower the average cost price for its total holdings.

SharpLink Gaming Adds Over $100 Million ETH To Ethereum Treasury

In an X post, on-chain analytics platform Arkham Intelligence revealed that a SharpLink-associated account had just deployed $100 million to buy ETH. The platform noted that the address (0xCd9) in question had previously bought $800 million of ETH for the company.

Now, this address has sent another $108.6 million USDC to Galaxy Digital’s OTC, likely another move to acquire more ETH for the company’s Ethereum Treasury. Further data from the Arkham platform shows that the address sent the $108.6 million USDC in two transactions.

The address first sent 53.009 million USDC to the Galaxy Digital OTC wallet. It then followed it up with another transaction of 55.565 million USDC to the same account. At the current market price, SharpLink is expected to receive around 31,941 ETH for its $108.6 million purchase. The company already holds 438,200 ETH, excluding these coins.

Interestingly, this move from the second-largest Ethereum treasury company comes just as Eric Trump advised investors to buy the dip. ETH, alongside the broader crypto market, has been on a steady decline since the beginning of the week. The largest altcoin by market has since dropped from its local high of around $3,900.

Companies Are Actively Accumulating ETH

SharpLink’s recent purchase again underscores the extent to which companies have been accumulating ETH for their Ethereum treasury. As CoinGape reported, the Strategic ETH reserves held by companies recently crossed $10 billion.

Tom Lee’s BitMine is leading the way, with 625,000 ETH in its treasury, while SharpLink comes in second place. The Ether Machine, Ethereum Foundation, and PulseChain complete the top 5, with 334,800 ETH, 233,600 ETH, and 166,300 ETH in their respective reserves.

Tom Lee is one of the most bullish on ETH, which is why he took up the position of Chairman at BitMine once the company adopted an Ethereum treasury strategy. In a recent interview, he predicted that the Ethereum price can still reach $15,000.

He alluded to Ethereum’s strong fundamentals as the reason why he believes that the altcoin can reach this target. Lee noted that Wall Street is aggressively accumulating ETH. Furthermore, he claimed that the Ethereum network will benefit the most from tokenization thanks to legal clarity and the fact that the network doesn’t experience downtimes.