Key Takeaways
- Arkham data shows the $108.6 million USDC was split into two transactions — $53.009 million in the first transfer and $55.565 million in the second
- The funds were transferred from a SharpLink-associated address identified as 0xCd9, which has previously been used to acquire $800 million worth of ETH for the company.
SharpLink has executed another major Ethereum purchase, sending $108.6 million USDC to Galaxy Digital’s over-the-counter desk, according to on-chain data from Arkham Intelligence. The funds were transferred from a SharpLink-associated address identified as 0xCd9, which has previously been used to acquire $800 million worth of ETH for the company.
Arkham data shows the $108.6 million USDC was split into two transactions — $53.009 million in the first transfer and $55.565 million in the second. At current market prices, the purchase is expected to yield approximately 31,941 ETH. Prior to this latest purchase, SharpLink held 438,200 ETH; adding the new coins would lift its total to around 470,141 ETH, making it the second-largest corporate Ethereum holder after BitMine’s 625,000 ETH.
The company’s activity comes amid a week-long decline in the crypto market. Ether, the second-largest crypto by market capitalization, has dropped from a local high near $3,900 earlier in the week. The timing coincides with public comments from Eric Trump, who urged investors to “buy the dip.”
SharpLink’s ongoing purchases form part of a broader accumulation trend among large corporate treasuries. According to industry data, strategic ETH reserves held by companies have now surpassed $10 billion. Other major holders include The Ether Machine with 334,800 ETH, the Ethereum Foundation with 233,600 ETH, and PulseChain with 166,300 ETH.
On Thursday, SharpLink separately acquired 11,259 ETH for $43.09 million USDC at an average price of $3,828.
In parallel, The Ether Machine boosted its position last week with the purchase of 15,000 ETH for $56.9 million at an average price of $3,809. The acquisition, timed to coincide with Ethereum’s 10th anniversary, brought its holdings to 334,757 ETH — surpassing the Ethereum Foundation to become the third-largest corporate holder.
The Ether Machine, formed earlier this year through a merger with Nasdaq-listed Dynamix Corp., is seeking to raise $1.6 billion and has plans to go public later this year under the ticker ETHM.
BitMine Chairman Tom Lee has projected that Ether’s price could reach $15,000, citing Wall Street accumulation, Ethereum’s network reliability, and its position as a beneficiary of tokenization adoption under clearer legal frameworks.