SharpLink-Linked Account Moves Another $100-M Into Ethereum: Accumulation Trend Continues

SharpLink Gaming, a Nasdaq-listed company, is in the spotlight as one of the first public firms to build a treasury strategy centered around Ethereum (ETH). On July 29, 2025, SharpLink disclosed that its Ethereum holdings reached an impressive 438,190 ETH. In addition, the company raised $279.2 million in net proceeds through an at-the-market (ATM) offering during the week of July 21-25, reinforcing its aggressive accumulation strategy.

SharpLink’s move is seen by many analysts as a potential turning point for Ethereum’s institutional adoption. While Bitcoin has long dominated corporate treasury strategies, SharpLink’s pivot toward Ethereum signals a new narrative: using ETH as a strategic reserve asset. This approach is being closely watched by investors and public companies exploring blockchain integration and decentralized finance (DeFi) infrastructure.

Market commentators believe that SharpLink’s initiative could set a precedent for more companies to adopt Ethereum as a core part of their treasury strategies, aligning with the broader shift toward tokenized financial systems. As Ethereum’s role in real-world asset (RWA) tokenization and on-chain settlement expands, SharpLink’s accumulation could mark the beginning of a new institutional wave positioning ETH as a treasury asset for the future.

SharpLink Gaming Deepens Ethereum Bet

According to Arkham, an American company specializing in blockchain analytics, a SharpLink-associated account just deployed another $100 million to purchase Ethereum (ETH). The wallet address, 0xCd9e09B30d481cc33937CE33fEB3d94D434F5F75, has now accumulated approximately $800 million worth of ETH on behalf of SharpLink Gaming, making headlines for its aggressive ETH treasury strategy. Additionally, Arkham reports that this account just sent $108.6 million in USDC to Galaxy Digital’s OTC desk, indicating further imminent ETH purchases.

This continued buying spree has raised significant questions among analysts and investors: How long can SharpLink keep buying ETH? And what does this signal for other public companies?

SharpLink’s actions are fueling speculation about a new trend—Ethereum as a strategic treasury reserve asset. While Bitcoin has historically dominated corporate crypto holdings, SharpLink appears to be pioneering a shift toward ETH, likely due to its utility in decentralized finance (DeFi), real-world asset (RWA) tokenization, and smart contract infrastructure.

As Ethereum’s role in institutional finance grows, SharpLink’s accumulation could act as a blueprint for other firms, showcasing how public companies might integrate ETH into long-term capital strategies. The broader implication? Ethereum may soon take center stage alongside Bitcoin in corporate treasuries, reshaping the institutional crypto landscape.

ETH Price Action Details: Setting Fresh Lows

Ethereum (ETH) is currently trading at $3,406, continuing its downward movement after failing to break above the $3,860 resistance zone. The chart reveals a clear breakdown from the previous consolidation range, with ETH losing momentum after weeks of bullish price action. The price has now fallen below the 50-day ($3,730) and 100-day ($3,691) simple moving averages (SMA), signaling growing bearish pressure in the short term.

Volume has spiked during the recent decline, indicating active selling, but the current price sits near a key support region. The next significant level to watch is the 200-day SMA at $3,222, which could act as a critical defense line for bulls. If Ethereum fails to hold this zone, a retest of the $2,852 level is likely, which marks the previous breakout point from early July.

Despite the current bearish sentiment, many analysts consider this correction a healthy pullback within a broader uptrend, especially with strong accumulation trends on-chain. A reclaim of the $3,600-$3,700 range is necessary to regain bullish structure. For now, Ethereum remains in a vulnerable position, and the coming sessions will be crucial to determine whether bulls can defend key support and attempt another breakout.

Featured image from Dall-E, chart from TradingView