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Ethereum under pressure from supply shortfall: SharpLink buys $295 million

The world's second-largest Ethereum treasury company has struck again.

By Mike Hesp
• 2 min read
Ethereum under pressure from supply shortfall: SharpLink buys $295 million

The world's second-largest Ethereum treasury has struck again. According to Arkham Intelligence data, SharpLink bought a whopping 77,210 ETH, worth nearly $300 million. By comparison, that's more ETH than the amount released by the network in the last 30 days (72,796 ETH).

With this purchase, SharpLink's total Ethereum holdings rise to more than 438,000 ETH, worth over $1.69 billion at the current market price. That cements the company's second place on the global ranking of the largest Ethereum treasuries. Only Bitmine Immersion, which holds more than $2 billion in ETH, remains the leader for now.

But SharpLink seems determined to close that gap. On Friday View post on X the company announced that Joseph Chalom, a former BlackRock heavyweight with twenty years of experience, has been appointed as Co-CEO. Chalom will oversee the company's global strategy and is tasked with transforming SharpLink into a dominant force in crypto infrastructure.

The ambitions go further: the company is reportedly considering investing billions more in Ethereum via a new equity issuance. Whether that will allow it to catch up with Bitmine is still unclear. Bitmine Immersion isn’t resting on its laurels either: led by new chairman Tom Lee, the firm aims to expand its position and targets owning about 5% of the total ETH supply.

The massive capital inflow into Ethereum isn't limited to firms like SharpLink. ETH ETFs are also seeing billions in new inflows this week, further fueling bullish sentiment around Ethereum.

At the time of writing, ETH sits just under $4,000, while Bitcoin is moving toward $120,000. The broader crypto market is riding the wave analysts call the "biggest trading week ever," helped by a macro-scale mega-deal.

Still, the market faces risks: in the coming days traders are eagerly awaiting the US Federal Open Market Committee (FOMC) rate decision, fresh core inflation (PCE) data, and quarterly results from big US tech giants—factors that could move Bitcoin and Ethereum sharply.

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