SharpLink Gaming Bets $300 Million on Ethereum

According to data from EmberCN, SharpLink Gaming transferred $145 million USDC to Galaxy Digital. Galaxy then withdrew 38,600 ETH from Binance and transferred it to SharpLink’s wallet. In total, SharpLink accumulated 77,206 ETH, all of which has been staked—locked to earn rewards from the Ethereum network.

As of July 22, 2025, SharpLink Gaming holds a total of approximately 438,013 ETH, including previously accumulated funds. Remarkably, just 20 days after launching its ETH accumulation strategy, the platform earned 567 ETH in staking rewards.

In line with this aggressive ETH move, SharpLink appointed Joseph Chalom—former Global Head of Digital Assets at BlackRock—as co-CEO, underscoring a clear long-term strategy focused on Ethereum.

It’s Not Just SharpLink: ETH Accumulation Heats Up

SharpLink isn’t alone in its Ethereum accumulation. Prominent investment firm DeFiance Capital recently purchased 30,400 ETH, valued at around $114 million. Meanwhile, TRON founder Justin Sun withdrew 60,000 ETH from Binance, hinting at personal or strategic accumulation.

However, the market is showing mixed whale behavior. Wang Chun, co-founder of F2Pool, moved 5,000 ETH to Binance, possibly prepping for a sale or other financial actions. Another whale deposited 3,516 ETH to a centralized exchange (CEX).

Additionally, one wallet was seen shorting $93 million worth of ETH with 20x leverage, with a liquidation price near $3,801, highlighting a sharp divergence in short-term market expectations.

Whales Target More Than Just ETH

Beyond Ethereum, other tokens also caught the attention of crypto whales. The PENGU token deployment address transferred around $3 million worth of tokens to a CEX. Another whale swapped 1.71 million Fartcoins for 790.41 million PUMP tokens.

In another notable move, a whale spent 17,080 SOL to acquire 22.4 million VINE tokens at an average price of $0.14. Moreover, 1,250 BTC (roughly $149 million) was transferred from Coinbase to an unknown wallet.