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Highlights
- SharpLink Gaming Plans to Expand Its ETH Holdings Above 400,000 With $145 Million purchase.
- This move comes as BlackRock head of Digital Aassets Strategy, Joseph Chalom, joins SharpLink as Co-CEO.
- Chalom was instrumental in building ETF products IBIT and ETHA at BlackRock.
Sharplink Gaming, the world’s largest ETH treasury holder, is preparing $145 million in another Ethereum purchase very soon. On-chain data shows that the firm received 145 million USDC stablecoin from Circle, which it further moved to Galaxy Digital for more purchases. ETH price is showing strength, gaining 4% to $3,740 with its market cap crossing $450 billion.
SharpLink Transfers $145M USDC Hinting at Ethereum Purchase
In the latest development, 145 million freshly minted USDC stablecoins have reached SharpLink Gaming (NASDAQ: SBET). This move suggests the intentions of the Nasdaq-listed firm to add more Ethereum to its already existing 360,807 ETH stack. The firm is already the largest ETH Treasury public-listed firm, and this move will only further expand its lead in the market.
The SharpLink wallet, which received USDC today, has not made any ETH purchases so far this week. In a follow-up transaction, the company moved the entire 145 million USDC to a wallet associated with Galaxy Digital, a key liquidity provider. Previously, the firm acquired most of its ETH via Galaxy Digital. Thus, the latest transfer hints at intentions to continue with its ETH accumulation plan.
The SBET stock price has seen sharp volatility and is down 9% over the past week. However, it is still 118% up on the monthly chart, amid the company’s aggressive ETH accumulation.
BlackRock Digital Assets Chief Joins the ETH Treasury Firm
Joseph Chalom, former Head of Digital Assets Strategy at BlackRock, has joined SharpLink as Co-CEO. Chalom spent over 20 years at BlackRock, where he played a key role in launching major digital asset initiatives.
Chalom was instrumental in building the iShares Bitcoin Trust (IBIT), which now holds 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. Speaking on this development, Chalom said:
“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 the brief pullback to $3,500 earlier this week, the ETH price has recovered again, trading at $3740 at press time. The ETH futures open interest remains high at $5.05 billion, showing bullish trader sentiment.
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