SharpLink Buys $108M in ETH as Price Slides Below Key Level

• SharpLink bought 14,933 ETH using $108M USDC at $3,550 average from Galaxy Digital.
• The firm now holds 464,000 ETH worth $1.62B, with most staked for long-term growth.
• Ethereum broke below $3,567 support and may drop near $3,338 as momentum stays weak.

SharpLink Gaming has added $108.57 million worth of Ethereum (ETH) to its balance sheet through a coordinated multi-wallet strategy. This acquisition was confirmed through public on-chain data on August 2, 2025. The move brings SharpLink’s total ETH holdings to 464,000 ETH, currently valued at approximately $1.62 billion. The firm made its latest purchase by transferring $108 million USDC to Galaxy Digital, which executed the trade at an average price of $3,550 per ETH.

Just two hours after the initial purchase, SharpLink transferred an additional $55.56 million in USDC to Galaxy Digital. This suggests further Ethereum accumulation is underway. The buying appears to follow a structured institutional strategy, similar to MicroStrategy’s Bitcoin playbook. 

Crypto-related analytical tools (like Arkham Intelligence) detected quite a number of transactions of the type Deposit Request to an address labeled SharpLink Deposit. The transfers were conducted with the help of numerous wallets with certain prefixes, 0x8c6, 0xf8f, and 0xdef indicating the existence of coordinated multi-wallet use.

Coordinated OTC Transfers and Accumulation Model

Galaxy Digital reportedly facilitated the over-the-counter (OTC) acquisition of ETH, helping SharpLink avoid public exchange slippage. EmberCN and other blockchain analytics firms confirmed that Galaxy Digital previously received $145 million in USDC from SharpLink. This capital was likely used to accumulate ETH over multiple phases. Following this, Galaxy withdrew 38,600 ETH directly from Binance and rerouted the assets to SharpLink’s custodial wallets.

The company was able to conduct a massive acquisition of 77,210 ETH worth 295 million earlier this year. After the last transaction, the holdings of this company reached 438,017 ETH. The majority of these holdings, more than 95 per cent, have been staked or put into liquid staking protocols, presenting returns without loss of fluidity.

Related: SharpLink Buys $295M in Ethereum as Altcoins Surge in Q3

SharpLink began its ETH acquisition strategy in early June 2025. In less than two months, the company has averaged a purchase price of $3,029 per ETH. With current valuations, this grants SharpLink an unrealized gain of $214 million. Such structured buying activity has placed the company among the top institutional ETH holders worldwide.

Is Ethereum Becoming a Corporate Treasury Standard?

Analysts at Standard Chartered say Ethereum’s structural demand is reaching unprecedented levels. Market researcher Crypt Rover projects Ethereum could test the $10,000 range as institutional adoption accelerates.

SharpLink’s accumulation model and staking integration reflect a broader shift among corporates treating Ethereum as a strategic balance sheet asset. 

Ethereum Technical Analysis and Market Position

On August 2, 2025, the price pushed back from a recent high of $3,935.93 to close near $3,488.09. Intraday action saw a high of $3,537.69 and a low of $3,455.00, with the selling pressure visibly strong. The token’s price levels fell below the 0.236 Fibonacci retracement, which came at $3,567.08, and this indicated the end of the bullish phase and the commencement of a corrective phase.

Source: TradingView

MACD shows a bearish crossover, with the signal line holding at 253.39 and the MACD line going lower to 194.97; the histogram value at -58.42 serves as confirmation for this ongoing downtrend. The next support is seen at $3,338.89 (Fib 0.382), $3,154.47 (Fib 0.5), and finally at $2,970.04 (Fib 0.618).

The price break down below $3,338.89, further downward motion to $2,707.47 remains in the cards for now. Momentum indicators reflect sellers’ grip on short-term price action. Accumulation, however, continues unabated from SharpLink.

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