SharpLink Gaming has executed another significant Ethereum acquisition, purchasing 11,259 ETH worth approximately $43.09 million on July 31, 2025, at an average price of $3,827 per ETH. This transaction was facilitated by a $43 million USDC transfer to institutional partner Galaxy Digital, continuing a pattern of strategic treasury expansions first reported on July 7 when the company acquired $43.57 million in ETH.
This latest purchase is part of an accelerated accumulation strategy that began in early June, mirroring MicroStrategy's Bitcoin approach. Just last weekend, SharpLink bought 77,000 ETH for $290 million through Galaxy Digital. With this newest addition, SharpLink's total Ethereum holdings now stand at 449,000 ETH valued at $1.74 billion, establishing an average cost basis of $3,011 per ETH and generating $386 million in unrealized profits.
Blockchain tracker EmberCN identified SharpLink's consistent operational pattern: transferring newly minted USDC to Galaxy Digital before executing large ETH purchases, with over $145 million in USDC moved recently. The company has staked portions of its holdings, earning 567 ETH in rewards between June 2 and July 20. Public wallet data via Arkham Intelligence confirms these movements.
An industry analyst stated: "This acquisition reaffirms our confidence in Ethereum's strategic value in our portfolio." The timing aligns with growing institutional interest ahead of potential ETH ETF approvals, positioning SharpLink for long-term upside while signaling Ethereum's maturation as a core treasury asset.