SharpLink Gaming Boosts Ethereum to 480K Amid Valuation
SharpLink Gaming has intensified its Ethereum accumulation, adding 30,755 ETH in early August to raise its treasury to 480,031 ETH (approx. $1.65 billion). Funded via private placements and share issuances, the entire reserve is staked for passive yield. Leadership now includes co-CEO Joseph Chalom and chairman Joseph Lubin. Analysts are split: some cite strong institutional demand for Ethereum, while others warn SharpLink’s stock trades at nearly four times its ETH value, suggesting a premium risk. Having briefly led corporate ETH holders, it now ranks second behind Bitmine Immersion Technologies (625K ETH). On-chain data — including a $108.6 million USDC transfer to Galaxy Digital’s OTC desk — signals further ETH purchases. Meanwhile, Ethereum trades near $3,406, approaching its 200-day SMA at $3,222; a rebound above $3,600–3,700 is seen as key to restoring bullish momentum. Traders should monitor SharpLink’s accumulation pace, valuation premium and Ethereum’s critical support levels when planning positions.
Bullish
SharpLink’s aggressive Ethereum purchases and staking strategy highlight robust institutional demand and on-chain bullish signals. Building a $1.65 billion ETH treasury and securing passive yield underpin long-term fundamentals, while recent large USDC transfers suggest continued accumulation. The current correction near the 200-day SMA is viewed as a healthy pullback, with a rebound above $3,600–3,700 likely to reignite upward momentum. In the short term, traders can expect support around $3,200; over the long term, growing corporate reserves and staking yields should sustain a bullish outlook for Ethereum.