SharpLink Acquires 83,562 ETH, Crypto Holdings Near $2 Billion

SharpLink Buys 83,562 ETH, Crypto Holdings Near $2 Billion

SharpLink, a leading digital asset investment firm, has continued its aggressive Ethereum (ETH) accumulation strategy by acquiring 83,562 ETH worth approximately $264.5 million. The SharpLink Buys occurred between July 28 and August 3 at an average price of $3,634 per ETH.

With this major acquisition, SharpLink now holds a total of 521,939 ETH, currently valued at around $1.91 billion, making it one of the largest public holders of Ethereum in the world.

Staked Entire ETH Portfolio for Passive Yield

Following the acquisition, SharpLink staked all of its ETH holdings in Ethereum’s proof-of-stake network. This move allows the company to earn passive income through validator rewards.

So far, SharpLink has generated 929 ETH in staking rewards, equivalent to over $3.3 million in current market value.

The company also uses an internal metric called ETH concentration, which measures the amount of ETH backing each share. This figure has now increased to 3.66, marking an impressive 83% rise since the company began accumulating ETH.

Global Ranking Shifts: SharpLink in Second Place

SharpLink’s Ethereum strategy began intensifying in June, when it made an initial $463 million ETH purchase. That move briefly positioned it as the top public ETH holder.

However, BitMine Immersion Technologies recently overtook SharpLink by acquiring 208,137 ETH, pushing its total holdings to 833,137 ETH worth over $3 billion. BitMine now ranks as the fourth-largest public ETH holder, trailing behind Strategy, MARA Holdings, and Twenty One Capital.

Meanwhile, Ether Machine holds 345,000 ETH (around $1.27 billion), ranking third, followed by the Ethereum Foundation with 232,600 ETH ($855 million), and PulseChain with 166,300 ETH ($611 million).

ETF Exodus: Ethereum Sees Massive Outflows

Interestingly, SharpLink’s major ETH purchase comes as Ethereum-based ETFs record significant outflows.

According to SoSoValue data, Ethereum ETFs faced a daily outflow of $465 million, the highest since their launch.

BlackRock’s iShares Ethereum Trust (ETHA) suffered the largest outflow at nearly $375 million, followed by Fidelity’s Ethereum Fund (FETH), which saw $55.11 million in withdrawals in a single day.

You might like this: Bali Property Market Booms: Top Locations to Invest in 2023