SharpLink Buys 31,000 ETH via OTC, Pushes Corporate ETH Treasuries Above $10B
SharpLink intensified its institutional Ethereum accumulation over the past 48 hours, spending $108.6 million in USDC via Galaxy Digital’s OTC desk to acquire 31,941 ETH at an average price near $3,530–$3,828. These trades, confirmed by Arkham Intelligence, boosted its holdings above 470,000 ETH (~$1.65 billion), making SharpLink the second-largest corporate ETH treasury. At the same time, The Ether Machine added 15,000 ETH at $3,809 each, lifting its treasury to 334,757 ETH and surpassing the Ethereum Foundation. Corporate Ethereum treasuries now exceed $10 billion, led by BitMine with 625,000 ETH. Industry leaders point to staking yields, DeFi utility and legal clarity as primary drivers of institutional accumulation. Buying during the $3,900 price dip, facilitated by OTC trading to minimize slippage, may bolster market stability amid volatility.
Bullish
The large-scale ETH purchases by SharpLink and peers reflect growing institutional confidence in Ethereum’s long-term prospects. In the short term, buying during a market dip supports price floors and reduces available supply, which can drive a rebound. Over the longer term, significant corporate treasuries and recurring OTC transactions signal sustained demand and deeper liquidity, likely attracting further institutional inflows and enhancing market stability. These factors collectively underpin a bullish outlook for ETH.