SharpLink is making headlines with its ambitious plans to boost its Ethereum treasury. Recent data from Lookonchain reveals that SharpLink has transferred a whopping $145 million USDC to Galaxy Digital’s OTC wallet, hinting at a significant Ethereum purchase in the near future.
In a strategic move, SharpLink has appointed Joseph Chalom, a former digital assets strategist at BlackRock, as Co-CEO. With his extensive experience in crypto markets, Chalom is set to lead SharpLink’s $1.3 billion Ethereum treasury strategy. During his tenure at BlackRock, Chalom played a pivotal role in launching the iShares Ethereum Trust (ETHA), which has now become the world’s largest ETH exchange-traded product with over $10 billion in assets. He also spearheaded key digital asset partnerships with industry giants like Coinbase, Nasdaq, and Circle, while holding top positions such as interim Deputy COO and COO of BlackRock Solutions.
Currently, SharpLink holds 360,807 ETH valued at $1.33 billion, with 95% of the holdings staked or deployed via liquid staking. However, BitMine Immersion recently made headlines with a massive Ethereum purchase of 566,776 ETH worth over $2 billion, surpassing SharpLink’s ETH stash and claiming the top spot among corporate ETH holders.
The total Ethereum reserves held by 63 participants now amount to 2.31 million ETH, valued at $8.65 billion, constituting 1.92% of Ethereum’s total supply. The surge in Ethereum treasuries, from $23 million to $8.6 billion in a short span, has been primarily driven by companies like BitMine and SharpLink, with backing from prominent figures in the crypto space like Tom Lee and Joseph Lubin.
BlackRock’s Ethereum ETF (ETHA) has been witnessing significant inflows, with 120K ETH worth $430 million added on a single Friday, bringing the total holdings close to 3 million ETH. Meanwhile, spot ETH ETFs have recorded 16 consecutive days of inflows, outperforming Bitcoin ETFs by a considerable margin.
Fresh wallets have been actively accumulating Ethereum, with 42,788 ETH worth $159 million added recently. In the past two weeks, new wallets have acquired 583,248 ETH worth $2.17 billion, while whales have purchased 1.13 million ETH, valued at $4.18 billion. Additionally, 170 new whales holding over 10,000 Ethereum have joined the network in the last month.
The Ethereum whale-held supply is decreasing, yet prices continue to surge. This trend indicates a shift towards healthier, sustainable growth, as opposed to a pump orchestrated by a few major players. Ethereum has seen a 24% increase this week and a remarkable 56% surge this month. With strong institutional inflows, significant treasury purchases, and unprecedented ETF demand, analysts predict that if Ethereum manages to flip the $3,800-$4,000 zone into support, a price target of $5,000 is well within reach.