SharpLink Boost ETH Holdings to $1.65B Following $54M Addition

Recent on-chain data reveals that SharpLink has significantly increased its Ether (ETH) holdings, adding 15,822 ETH, worth approximately $53.9 million, over the past several hours.

This substantial purchase, split across multiple transactions with the most significant single transfer totaling 6,914 ETH ($23.56 million), brings SharpLink’s total ETH holdings to an impressive 480,031 ETH, valued at around $1.65 billion at current prices.

SharpLink Purchase More ETH

This aggressive buying spree has been ongoing for the past 48 hours, during which SharpLink has spent $108.57 million in USDC to acquire 30,755 ETH at an average price of $3,530.

Before this, the company paid $43.09 million USDC to purchase 11,259 ETH at an average price of $3,828, highlighting a consistent and strategic accumulation of Ether. Moreover, SharpLink is not alone in recognizing the potential of Ethereum. The Ether Machine, formed earlier this year through a merger with Nasdaq-listed Dynamix Corp., has also been actively expanding its ETH treasury.

Last week, the company added 15,000 ETH to its holdings in a $56.9 million purchase, acquired at an average price of $3,809 per ETH. This acquisition, coinciding with Ethereum’s 10th anniversary, further demonstrates the growing confidence in the Ethereum network.

Furthermore, the Ether Machine’s strategic accumulation has propelled its holdings to 334,757 ETH, surpassing the Ethereum Foundation’s 234,000 ETH.

This positions The Ether Machine as the third-largest corporate ETH holder, trailing only BitMine and SharpLink, according to StrategicETHReserve. The Ether Machine is currently targeting a $1.6 billion raise and plans to go public under the ticker ETHM later this year, further signifying its long-term commitment to Ethereum.

Corporate Rapid Adoptions

Youssef, a key figure within The Ether Machine, describes Ethereum as a “hybrid between tech equity and digital currency,” which is increasingly appealing to treasury strategists focused on utility, rather than simply passive storage. He suggests that ETH’s staking yield, programmability, and regulatory alignment are attracting forward-looking companies.

Notably, Ethereum’s growing dominance and expanding enterprise use cases are cementing its position as the reserve currency of choice for companies operating in tokenized finance.

Moreover, the network currently hosts the majority of tokenized assets and stablecoins, commanding 58.1% of the $13.4 billion real-world asset market.

This robust ecosystem and the increasing institutional interest, exemplified by SharpLink’s recent accumulation, underscore Ethereum’s potential to revolutionize financial and technological landscapes.