SharpLink Gaming’s ETH Accumulation: $108M Move Buys 14,933 ETH
SharpLink Gaming continued its institutional ETH accumulation strategy by depositing $108 million in USDC to Galaxy Digital. The firm immediately used part of the funds to purchase 14,933 ETH at an average price of $3,550. The remaining $55.6 million USDC was allocated for future Ethereum buys.
Since June, this MicroStrategy-style approach has increased SharpLink’s reserves to 464,000 ETH. At a cost basis of $3,029 per ETH, the position is now worth $1.62 billion, yielding an unrealized gain of $214 million. On-chain analytics suggest the disciplined ETH accumulation signals growing institutional demand and confidence in Ethereum.
Traders should monitor on-chain flows and unrealized gains as indicators of short-term price momentum and long-term market support.
Bullish
The substantial $108 million USDC deposit and immediate purchase of 14,933 ETH reflect strong institutional demand for Ethereum, likely increasing buy-side pressure. SharpLink’s growing reserves of 464,000 ETH at a below-market cost basis, combined with a MicroStrategy-style accumulation strategy, support price stability and point to sustained bullish momentum. In the short term, on-chain indicators such as rising USDC inflows and unrealized gains may drive price spikes during accumulation phases. Over the long term, continued institutional confidence and large-scale ETH holdings could underpin market liquidity and reduce volatility, further reinforcing a bullish outlook.