- SharpLink shifts $145 million USDC on-chain, reinforcing ETH accumulation strategy.
- ETH holdings top 360,900 as SharpLink mimics Strategy’s Bitcoin treasury play.
- Stablecoins like USDC streamline capital deployment for Web3-native operations.
SharpLink Gaming initiated a major capital movement on-chain, receiving $145 million in USDC from a Circle-linked wallet. This aligns with SharpLink’s ongoing Ethereum accumulation strategy, indicating a firm commitment to long-term ETH exposure.
USDC Transfer Suggests Strategic Capital Deployment
SharpLink Gaming transferred $145 million of newly minted USDC to its main wallet via a Circle-controlled address. It coincides with its regular buys of ETH, suggesting that they are intended to accumulate more ETH.
The use of USDC suggests a preference for stable, transparent on-chain transactions. SharpLink can react promptly to market changes with the help of stablecoin rails. The decision to adopt Circle USDC is also likely to permit compatibility with Galaxy Digital’s OTC infrastructure.
Galaxy Digital remains an important channel to the Ethereum plan of SharpLink. The two companies seem to be quite closely connected, taking advantage of effective capital deployment to directly subsidize USDC into massive blocks of ETH. The partnership is just another testament to the rising number of institutions using crypto-native finance in combination with balance sheet finance tactics.
SharpLink Continues Ethereum Accumulation Spree
SharpLink acquired an additional 20,279 ETH, worth $68.38 million, through Galaxy Digital and Coinbase Prime. This purchase follows a similar $17.45 million ETH acquisition via Coinbase Prime on July 19. Combined, these moves pushed SharpLink’s ETH holdings to approximately 360,900 ETH.
The firm’s total ETH holdings since the beginning of June have exceeded the value of $1.34 billion. Its average buy price as of July 20 is estimated to be around $3,238 per ETH. The ongoing action shows confidence in Ethereum’s market structure and long-term utility.
SharpLink seems to be copying the Strategy Bitcoin playbook. Nonetheless, rather than focusing on BTC, SharpLink is aiming to establish ETH as a central treasury asset.
Related: Ethereum Surge as SharpLink Secures 10,000 ETH Reserve
ETH as a Strategic Web3 Treasury Asset
SharpLink is following a more aggressive acquisition process of ETH amid the heightening interest institutions showed in Ethereum as a programmable capital. This Ethereum-centric approach might be due to its background in digital gaming and Web3 infrastructure.
This change also indicates that the corporate treasuries are considering using ETH instead of simply storing BTC as their capital base. The fact that ETH can be used in staking, liquidity protocol, and token issuance provides further flexibility in strategy. SharpLink could be positioning itself to join on-chain gaming economies natively by setting aside ETH.
The continued adoption of stablecoin points to a new pattern of operational practice among Web3-native companies. These value chains of hard-to-fiat to ETH accretion indicate a closer fit between conventional capital resources and blockchain-based strategies. SharpLink’s action can create a precedent among other potential players considering similar treasury plays within the crypto domain.
