Sharplink Gaming continues its aggressive Ethereum accumulation strategy. The company purchased 11,259 ETH on July 31st, worth approximately $43.09 million. The move follows a $43 million USDC transfer to Galaxy Digital, which has driven transactions. The average purchase price was around $3,827 per ETH.
This is not the company’s first major acquisition. Last weekend, Sharplink bought 77,000 ETH for $290 million. It also uses Galaxy Digital to show a reliable relationship with financial services companies.
Eth Holdings Cross 449,000
Since early June, Sharplink has been following a MicroStrategy-like approach and actively stacking ETH. This latest purchase has brought the company’s total Ethereum holdings to 449,000 ETH. At current market prices, this totals $1.74 billion.
The average cost base across all purchases is approximately $3,011. This brings Sharplink’s current unrealized profit to around $386 million, with a noticeable return within less than two months.
Clear strategic patterns
It appears that Sharplink is buying ETH on the waves using a newly created USDC and Liquid Funds combination. Over the past few weeks, the company has transported more than $145 million in USDC to Galaxy Digital. The capital was used to purchase large batches of ETH, which were then staked and stored in custody wallets.
Embercn, a properly followed blockchain tracking account, first flagged recent activities. Their data suggests a deliberate accumulation play, following a consistent pattern of USDC transfers.
The company’s wallet address confirms these movements so that they can be seen publicly through Arkham Intelligence. Additionally, Sharplink holds a portion of the yield. Betting on rewards earned 567 ETH between June 2nd and July 20th.
Long-term positioning of the benefits of Ethereum
Sharplink’s move suggests strong confidence in Ethereum’s long-term potential. This timing coincides with growing institutional interest in ETH prior to the likelihood of ETF approval. By locking in bulk at a price of $4,000, Sharplink is placing itself for future cycles.
The continued role of Galaxy Digital in these purchases suggests deeper institutional adjustments. With each purchase, Sharplink shows that it considers Ethereum as its core financial asset, as well as trade.