Étienne Girard
SharpLink Gaming (NASDAQ: SBET) has reportedly made another major move in the Ethereum market, acquiring 16,374 ETH—valued at roughly $48.85 million—through an over-the-counter (OTC) transaction, according to data from Arkham.
The transfer occurred on Sunday at 1:02 p.m., moving funds from wallet “0xCd9…F5F75” to a wallet tied to SharpLink. The sending address had earlier obtained the ETH from Galaxy Digital’s OTC desk, further confirming the scale of institutional involvement.
Ethereum Holdings Near 270,000 ETH
Though SharpLink has not officially confirmed the transaction, blockchain analysis platform EmberCN stated that this recent acquisition pushes the company’s unofficial ETH total to approximately 270,000 tokens.
EmberCN also reported that SharpLink purchased 21,487 ETH (worth around $63.7 million) late Friday, citing the same Arkham blockchain data.
Ethereum Strategy Backed by Consensys and Joseph Lubin
Originally a Minneapolis-based affiliate marketing and iGaming software provider, SharpLink shifted its focus to an Ethereum-focused treasury strategy in May, following a $425 million private placement led by Consensys, the Ethereum infrastructure giant. As part of that deal, Ethereum co-founder Joseph Lubin took over as SharpLink’s chairman.
In a recent statement, Lubin emphasized the company’s commitment to Ethereum’s broader ecosystem:
“SharpLink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem.”
Market Response and Stock Surge
Following its previous 10,000 ETH acquisition announcement on Friday, SharpLink’s stock jumped 17.15%, closing at $21.65. Ether has also been on the rise, climbing 1.2% in the past 24 hours to trade around $2,981, its highest level since early February, according to PRIME’s Ethereum price page.
