When big names from traditional finance cross into crypto, heads turn. But when a former BlackRock exec joins a gaming company, SharpLink Gaming, that suddenly buys $295 million worth of ETH, the entire crypto world pays attention.
Diving deep: SharpLink’s billion-dollar Ethereum bet
According to @lookonchain on X, SharpLink Gaming quietly accumulated a whopping 77,210 ETH on Monday, making them the second-largest corporate Ethereum holder in the world. This came shortly after the appointment of Joseph Chalom, a former BlackRock executive, as Co-CEO.
SharpLink isn’t just dipping its toes in crypto. With over 438,000 ETH in total holdings, valued at $1.69 billion, they’ve jumped straight into Ethereum’s deep end. And it doesn’t stop there, on-chain data shows:
- A transfer $145 million USDC to Galaxy Digital two days prior.
- Galaxy withdrawing 38,600 ETH from Binance
- Galaxy funneling it back to SharpLink.
What does this mean for Ethereum?
SharpLink’s buyout alone exceeded all new ETH issued over the past month. In a time when companies are still figuring out how to treat digital assets, SharpLink is already treating Ethereum like a long-term treasury asset.
Institutional bets like this prove something deeper: Ethereum is becoming a financial backbone, not just a smart contract platform. And if this is just the beginning for SharpLink? Expect more headlines soon, and possibly, a few more big fish entering the ETH game.
