SharpLink Gaming has executed two massive Ethereum acquisitions totaling over $600 million within a week, purchasing 77,206 ETH ($296M) followed by an additional 77,210 ETH ($295M). The company immediately staked all acquired ETH, bringing their total holdings to 438,017 ETH ($1.69B) – making them the largest public holder of Ethereum, surpassing both Bitmine and Coinbase.
According to on-chain data from EmberCN and Lookonchain, SharpLink transferred $145M USDC to Galaxy Digital, which facilitated the purchases through Binance withdrawals. Over 95% of SharpLink's ETH is now staked or deployed via liquid staking platforms, generating substantial rewards (567 ETH in 20 days from initial holdings).
The accumulation trend extends beyond SharpLink: DeFiance Capital acquired 30,400 ETH ($114M), while TRON founder Justin Sun withdrew 60,000 ETH from Binance. However, contrasting activity emerged as F2Pool co-founder Wang Chun moved 5,000 ETH to Binance (potentially for sale), and one address opened a $93M ETH short position with 20x leverage.
Ethereum price reacted positively, rising 3% to $3,876 amid this activity. Technical indicators show ETH holding above the $3,523 Fibonacci support with RSI(14) at 81.75, signaling strong momentum. Analysts forecast short-term targets of $4,200-$4,800 and long-term $10,000 predictions, citing institutional backing and staking dynamics.
Joseph Chalom, former BlackRock Global Head of Digital Assets, joined SharpLink as co-CEO to lead Ethereum-focused initiatives. The company highlighted Ethereum's 24/7 operational advantage over traditional banks in their acquisition strategy.