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SharpLink Buys Up Ethereum Amid Altcoin Season Optimism !!?
SharpLink Gaming doubled down on its Ethereum Treasury strategy with a significant purchase of over 31,000 ETH. This move reflects growing corporate interest in ETH as a reserve asset and signals the changing role of digital assets in institutional portfolios.
Ethereum SharpLink Generates US$45 Million in Unrealized Gains According to blockchain data tracked by EmberCN through Arkham Intelligence, Sharplink purchased 21,487 ETH on July 12, worth US$64.26 million. SharpLink split the purchased ETH between two platforms, purchasing 14,693 ETH from Galaxy Digital for US$43.89 million and 6,804 ETH from Coinbase Prime for US$20.37 million.
This follows a separate purchase of 10,000 ETH the day before, directly from the Ethereum Foundation for US$25.7 million. The company's total purchases over the two days reached 31,487 ETH.
While some observers viewed the Ethereum Foundation's sale as a routine funding move, it sparked criticism within the crypto community. Critics described the Foundation's ETH sale as a lack of confidence in the digital asset.
However, the Foundation explained that the funds will be used to support core functions, including protocol research, community grants, and ecosystem development.
SharpLink's latest purchase comes as ETH surpassed the $3,000 threshold on July 11 for the first time since February 2025.
Since June, SharpLink has accumulated approximately 253,000 ETH as part of its Ethereum Treasury strategy. The company has staked its entire holdings to help secure the network while generating returns.
According to Arkham Intelligence data, this approach has generated unrealized profits of approximately US$45 million.
The company's chairman and Ethereum co-founder, Joseph Lubin, emphasized that the company's ETH accumulation was a strategic decision, not a short-term trade. He explained that SharpLink actively buys ETH, stakes it, and re-stakes it.
According to him, this approach is designed to support the long-term growth of the Ethereum network.
#ETH Breaks $3,000