SharpLink Gaming is doubling down on Ethereum, adding another 11,259 ETH to its massive treasury, now nearing $2 billion in value.
Ethereum ETH $3 487 24h volatility: 3.8% Market cap: $420.69 B Vol. 24h: $31.45 B surged past $3,850 this week as SharpLink Gaming, the Minneapolis-based firm increasingly mirroring Strategy’s Bitcoin playbook, has added another 11,259 ETH to its treasury.
SharpLink now holds a monumental 449,000 ETH, now worth approximately $1.74 billion. So far, the largest corporate holder of the world’s second-largest digital asset is Tom Lee’s BitMine, aiming to buy 5% of all Ether tokens available.
SharpLink Gaming again bought $43,090,000 $ETH.
They now hold $1,730,000,000 Ethereum. 🔥 pic.twitter.com/NKvVIzi7C3
— Ted (@TedPillows) July 31, 2025
SharpLink’s MicroStrategy Moment
According to blockchain analyst EmberCN, SharpLink sent $43.09 million in USDC to Galaxy Digital, receiving 11,259 ETH in return at an average price of $3,827. This follows their massive $290 million acquisition of 77,000 ETH over the weekend.
在上周末 $2.9 亿买入 7.7 万枚 ETH 后，@SharpLinkGaming 今天继续花费 $4309 万购买了 11,259 枚 ETH。
他们在 10 小时前把 4309 万 USDC 转到 Galaxy Digital，然后在 15 分钟前从 Galaxy Digital 收到 11,259 枚 ETH，也就是说购入价格约 $3,827。https://t.co/nbl4vA38Jb
SharpLink Gaming 从… https://t.co/9rEJsRpz25 pic.twitter.com/4tunjTMMEV
— 余烬 (@EmberCN) July 31, 2025
Since early June, SharpLink has adopted an ETH accumulation strategy, aggressively acquiring and staking the asset for yield. With an average cost basis of $3,011, the firm now sits on an unrealized profit of approximately $386 million.
In a massive push towards crypto, SharpLink appointed Joseph Chalom, a former BlackRock executive, as co-CEO.
On-Chain Sentiment: Plenty of Room to Run
Glassnode’s latest Relative Unrealized Profit chart shows that, despite ETH trading close to its March 2024 highs, current unrealized profits are significantly lower.
Despite $ETH trading near its March 2024 highs, unrealized profits are far lower. Back then, #ETH hit +2σ (standard deviations) on Relative Unrealized Profit at $3.98K – today it's just nearing +1σ. A move to +2σ now would imply ~$4.9K $ETH. pic.twitter.com/TdmCIzp3Pm
— glassnode (@glassnode) July 31, 2025
Back in March, ETH touched +2σ (standard deviations) at $3.98K. Today, it’s just crossing the +1σ threshold with prices near $3,860. Statistically, a move to +2σ from this point would suggest a potential target of $4,900.
The on-chain analytics firm’s study revealed that the current rally still has plenty of steam. Unlike previous market tops, on-chain profit-taking remains muted, implying that holders are in HODL mode.
ETH Price Analysis: Clear Path to $4,200
On the daily chart, Ethereum has broken decisively above its upper Bollinger Band ($3,562) and continues to ride the wave with strong bullish momentum, making ETH a top crypto to buy.
The RSI sits at 77.16, entering overbought territory, but without divergence, suggesting strength rather than exhaustion. The MACD remains bullish, with a wide gap between the signal and MACD line, and the Balance of Power indicator reads firmly in the buyers’ favor.
ETH Price Chart with Fib Levels | Source: TradingView
Fibonacci extension levels drawn from the mid-May breakout put immediate resistance at $3,920 (Fib 3.618) and $4,182 (Fib 4.236).
These targets align with the MVRV Pricing Bands mentioned by analyst Ali Martinez, who believes that as long as $3,300 holds as support, ETH could rally toward $4,220 and even $5,140 in the coming weeks.
As long as the $3,300 support holds, Ethereum $ETH could be on track for a move to $4,220 and potentially $5,140, based on the MVRV Pricing Bands. pic.twitter.com/WTJsSZF7PB
— Ali (@ali_charts) July 30, 2025