Around 1:02 p.m. on Sunday, a transaction worth $48.85 million in ETH was noted moving into SharpLink’s wallet. The origin of these funds was traced back to wallet “0xCd9…F5F75,” which had procured the sum from Galaxy Digital’s over-the-counter market earlier the same day.

Despite no official confirmation from SharpLink regarding this acquisition, EmberCN reported that this latest transaction has increased the company’s unofficial total ETH holdings to a whopping 270,000. EmberCN earlier reported that SharpLink bought 21,487 ETH ($63.7 million) on Friday evening, referring to data from Arkham.

SharpLink, originally a Minneapolis-based affiliate-marketing and iGaming software company, initiated its Ethereum treasury strategy in late May. This move coincided with a significant private placement of $425 million led by Consensys, a leading crypto infrastructure developer. Joseph Lubin, the CEO of Consensys and co-founder of Ethereum, subsequently took the chairmanship at SharpLink.

SharpLink is not only accumulating the world’s second-largest cryptocurrency but is also committed to supporting the long-term resilience and decentralization of Ethereum. “SharpLink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem,” Lubin stated last Friday.

According to the Ethereum price page on The Block, ether has risen by 1.2% in the past 24 hours, trading near its highest level since early February. SharpLink’s stock closed up 17.15% at $21.65 last Friday, likely in response to the announcement of its 10,000 ETH purchase that day.

Disclaimer: This article is purely informational and is not intended as financial, legal, tax, investment, or other advice. The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto industry. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block maintains its independence to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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The revamped firm is set to maintain its focus on delivering business intelligence solutions and implementing its Bitcoin corporate treasury strategy. An earnings call slated for Feb. 5 will provide more details on the rebrand to investors.

MicroStrategy’s co-founder, Michael Saylor, a known Bitcoin evangelist, pioneered the Bitcoin corporate treasury strategy, which continues to gain traction among tech companies.

Data from SaylorTracker reveals that Strategy currently holds 471,107 BTC, valued over $45.6 billion. This impressive portfolio makes the rebranded company the largest corporate holder of BTC globally.

Following the successful implementation of a Bitcoin treasury strategy and the subsequent surge in its share price, other publicly traded companies have taken cues from Strategy’s blueprint, diversifying their treasury reserves with BTC.

Japanese investment firm Metaplanet, a proponent of Web3 initiatives, adopted a Bitcoin treasury reserve strategy in April 2024. Metaplanet’s CEO, Simon Gerovich, has expressed intentions to boost the company’s treasury holdings to 10,000 BTC by 2025.

Similarly, Semler Scientific established a corporate BTC reserve in May 2024, leading to a 30% increase in the company’s share price post-announcement.

At the Bitcoin 2024 conference in Nashville, Tennessee, executives from Semler Scientific and Metaplanet acknowledged that their firms were previously zombie companies that experienced a revival after adopting Bitcoin.

Rumble, a video streaming platform championing free speech, also announced plans to allocate $20 million to Bitcoin as an inflation hedge. The platform made its first Bitcoin purchase in January 2025, coinciding with the inauguration of President Trump in the U.S.

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