Key Notes
- Ethereum co-founder Joseph Lubin, now spearheading SharpLink’s ETH strategy, stated the firm plans to accumulate ETH faster than others.
- ETH treasury firms have scooped a record $10 billion of coins, with SharpLink stating that we’re still early.
- ETH has fallen from its $4,000 rejection to $3,500, with spot Ethereum ETFs seeing their first outflows in 20 days.
Amid the Ethereum price correction to $3,500, Nasdaq-listed ETH treasury firm SharpLink Gaming (SBET) makes a quick move, scoping an additional 26,192 ETH for an investment of $96 million. The latest purchase comes after the company’s Treasury planner Joseph Lubin stated that they wish to become the fastest ETH buyers in the market. Amid broader crypto market volatility, ETH price has been under selling pressure, dropping 12.5% following a rejection at $4,000 earlier this week.
Sharplink Gaming Adds $96M in Ethereum
Nasdaq-listed SharpLink Gaming (NASDAQ: SBET) has been on an Ethereum buying spree, making its second big purchase this week. As per on-chain data, the firm has significantly increased its Ethereum holdings, adding 26,192 ETH worth approximately $96 million to its strategic reserve over the past two days.
This latest accumulation brings SharpLink’s total ETH holdings to 464,382 ETH, valued at around $1.63 billion at current market prices. The company has already showed intentions to continue expanding its ETH treasury.
In the latest Bloomberg interview, Ethereum co-founder Joseph Lubin, who’s also leading the ETH treasury strategy for SharpLink, shared his plans to be the fastest ETH buyer. Lubin said :
“We believe that we’ll be able to accumulate more Ether, per fully diluted share, much faster than any other Ethereum-based project, or certainly faster than the Bitcoin-based projects.”
As part of its acquisition strategy, Sharplink has already transferred $55 million in USDC to various centralized exchanges (CEXs) via Galaxy Digital. In its message on the X platform, SharpLink noted :
“Ethereum is becoming the base layer for a trillion-dollar digital economy.It replaces institutional trust with open, verifiable code. We are still early”.
As of now, SharpLink Gaming ranks second after Bitmine Technologies, as an ETH Treasury firm. As per the recent data from Standard Chartered, the ETH treasury firms have a massive $10 billion in assets under management. Most of the purchases have happened over the last two months.
ETH Price In Selling Pressure
Following the rejection at $4,000 earlier this week, ETH has come under selling pressure, falling all the way to $3,500 levels. Furthermore, on Friday, spot Ethereum ETFs saw the first outflows, reflecting a change in sentiment, after 20 consecutive days of inflows.
nextMarket analysts call this ETH price correction healthy, after a strong 60% upside in July. Popular analyst Ted Pillows stated: “Nothing goes up in a straight line. ETH pumped 60% in a month, and now a correction is happening. I think some consolidation could happen before $ETH teleports to a new ATH”.
