SharpLink Tied to 41,452 ETH Buy as Holdings Hit 480K ETH

SharpLink Gaming has taken the crypto world by storm. The company recently purchased 15,822 ETH for $54 million. Combined with a prior 14,933 ETH buy, its total Ethereum acquisitions over the past week reached 30,755 ETH.

With these new buys, SharpLink’s ETH holdings have soared to 480,031 ETH, now worth approximately $1.65 billion. This makes it the largest public holder of Ethereum globally, overtaking any other corporate entity on record.

Blockchain Activity Suggests More

The on-chain story doesn’t end there. Blockchain analytics from EmberCN and Wu Blockchain suggest that SharpLink may be behind even larger buys. A specific ETH reserve address, linked to institutional trading, has purchased 41,452 ETH since August 1. That’s around $148 million worth, acquired at an average price of $3,575 per ETH.

The wallet staked all its ETH into Ethereum’s Proof-of-Stake (PoS) network using Figment, the same staking provider SharpLink prefers. Although the wallet’s owner remains unconfirmed, the timing and staking patterns closely mirror SharpLink’s previous moves, fueling speculation that it may belong to the company. Observers believe the address may belong to SharpLink. Confirmation is expected in the company’s upcoming reserve holdings announcement.

Institutional-Grade Moves

An institution clearly executed the transactions with intent. It moved around $145 million in USDC to exchanges like Binance, OKX, Kraken, and others. It then withdrew roughly 41,000 ETH. These activities align with SharpLink’s rumored accumulation through over-the-counter (OTC) platforms and institutional trading desks.

Previous reports show the source wallet had ties to major crypto sales on behalf of whales and funds like Paradigm Capital. This adds more weight to the speculation that SharpLink is the buyer.

Ethereum’s Corporate Whale

SharpLink’s ETH play looks increasingly like a long-term strategic bet. The company appears to be modeling itself after Bitcoin-centric firms like MicroStrategy, but for Ethereum. With over $1.6 billion in ETH and potential undisclosed holdings, SharpLink is fast becoming Ethereum’s most committed corporate backer.

If the 41,452 ETH stake is confirmed as theirs, the total could surpass half a million ETH. That would cement its dominance and send a loud message to other public companies watching crypto from the sidelines.