SharpLink has splashed another $54 million on Ethereum, racking up a fresh batch of 15,822 ETH in the past couple of hours. According to on-chain data, the purchases were split across multiple transactions, with the largest single transaction totaling around 6,914 ETH, worth around $23.56 million, according to Arkham Intelligence.
This is not the first purchase that the firm has made in the past few weeks. The company reclaimed its spot as the publicly traded company with the largest Ethereum stash in the world after it purchased 79,949 ETH some days ago to bring its total to 360,807 ETH, worth about $1.3 billion.
With the latest purchase, SharpLink’s total haul is now around 480,031 ETH, worth around $1.65 billion at current prices.
SharpLink spends $54 million on Ethereum
The current buying spree has been ongoing for over 48 hours, with the company spending around $108 million in USDC to acquire 30,755 ETH at an average price of $3,530. According to reports, its last purchase came on Thursday, where SharpLink shelled out around $43 million in USDC to purchase 11,259 ETH at an average price of $3,828.
SharpLink is not the only firm splurging funds on ETH, as The Ether Machine added 15,000 ETH to its treasury in a recent $56.9 million purchase. The purchase was made at an average price of $3,809 per ETH, coinciding with the 10th anniversary of Ethereum. With that move, The Ether Machine’s ETH cache now holds more than 334,000 Ethereum, surpassing the Ethereum Foundation’s holdings of 234,000 ETH.
The purchase also puts the firm in third position among firms with the highest Ethereum holdings, behind only BitMine and SharpLink, according to data from StrategicETHReserve. The Ether Machine has not hidden its intention to go public, noting that it is targeting a $1.6 billion raise. The firm, formed earlier this year through a merger with Nasdaq-listed Dynamic Corp., is expected to use the ticker ETHM later this year.
Big corporations bet big on Ethereum treasuries
Big corporations are now betting big on Ethereum, seeing the asset as worthy of being added to their treasury, just like Bitcoin. While Ethereum has been enjoying some attention presently, Bitcoin has been seeing the bulk of attention over the last few months. Firms are now pushing to purchase more of the digital asset, adding it to their treasury. A good example is Strategy , which has committed to purchasing Bitcoin at intervals.
However, corporations see the Ethereum network as an essential infrastructure for the digital economy, one of the reasons why they have been accelerating their purchases. According to Ray Youssef, the CEO of NoOnes, they now see it as a critical infrastructure component. “Ethereum starts to look like a hybrid between tech equity and digital currency. This appeals to treasury strategists looking beyond passive storage,” he said.
He also added that Ethereum’s staking yield, programmability, and regulatory alignment are enticing forward-looking companies. The network currently hosts most of the tokenized assets and stablecoins, seeing about 58.1% of the $13.4 billion real-world asset market. Its rise in dominance and enterprise use case is gradually cementing Ethereum’s place as the reserve currency choice for companies operating in tokenized finance.
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