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SharpLink bought 16,374 ETH for $48.85M on Sunday
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This follows a $63.7M ETH buy on Friday
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ETH co-founder Joe Lubin is now SharpLink's chairman
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SharpLink now holds over 216,000 ETH worth $648M
Another Big Ethereum Play
SharpLink Gaming is doubling down on Ethereum, with a $48.85 million OTC purchase just two days after buying $63.7 million worth of ETH. This push cements its position as the second-largest Ethereum treasury holder after the Ethereum Foundation.
The ETH was sourced from Galaxy Digital’s OTC desk and transferred to SharpLink’s wallet. While the company hasn’t commented publicly, blockchain data confirms the transfers.
From Gaming Firm to Ethereum Steward
Once focused on affiliate marketing for gambling sites, SharpLink pivoted to an Ethereum treasury strategy after a $425 million private placement led by Consensys. Ethereum co-founder Joe Lubin is now chairing the company.
Lubin stated the move is not a trade but a long-term vision to support the Ethereum ecosystem through staking and restaking. ETH prices topped $3,000 as SharpLink’s shares rallied over 70% in a week.
