SharpLink Moves $145M USDC to Galaxy as Ethereum Holdings Set to Grow

SharpLink Gaming (NASDAQ: SBET), the world’s largest Ethereum-holding public company, is set to add to its treasury...

Written by: Arslan Butt • Saturday, July 26, 2025 • 2 min read

• Last updated: Saturday, July 26, 2025

Quick overview

SharpLink Gaming plans to enhance its treasury with a $145 million ETH purchase after receiving USDC from Circle.
The company currently holds 360,807 ETH, and this new acquisition could significantly increase its reserves.
Joseph Chalom, a former BlackRock executive, has joined SharpLink as Co-CEO, bringing extensive experience in digital assets.
Despite a recent dip, ETH futures open interest indicates bullish sentiment among traders, with ETH currently priced at $3,740.

SharpLink Gaming (NASDAQ: SBET), the world’s largest Ethereum-holding public company, is set to add to its treasury with a $145 million ETH purchase. On-chain data shows the company received 145 million freshly minted USDC from Circle and immediately transferred it to a wallet linked to Galaxy Digital, a key institutional crypto liquidity provider.

No ETH has been bought this week yet, but the fund movement is a sign of intent. SharpLink has sourced large ETH volumes from Galaxy before, so this transfer is likely a precursor to another round of accumulation. The company currently holds 360,807 ETH and this pending purchase could add significantly to its already industry-leading reserves.

Meanwhile, Ethereum (ETH) is up 4% in the last 24 hours to $3,740 and above $450 billion market cap. SharpLink’s buying is seen as a major contributor to the market sentiment.

Key points:

$145M USDC received and moved to Galaxy Digital
SharpLink holds 360,807 ETH in treasury
ETH price up 4%, trading at $3,740

BlackRock Veteran Joins SharpLink as Co-CEO

Joseph Chalom, former Head of Digital Assets Strategy at BlackRock, has joined SharpLink as Co-CEO. Chalom spent two decades at BlackRock where he built the firm’s crypto asset infrastructure.

His achievements include:

Launched iShares Bitcoin Trust (IBIT) with $87B AUM
Developed iShares Ethereum Trust (ETHA) with $10B AUM
Created BUIDL, the first tokenized U.S. Treasury fund on Ethereum

Chalom calls SharpLink’s Ethereum-centric strategy “bold and forward-thinking” and aligns with the future of decentralized finance (DeFi).

His addition strengthens SharpLink’s credibility as a long-term player in the Ethereum ecosystem and suggests more institutional alignment ahead.

ETH Futures Data Points to Bullish

Despite dipping to $3,500 earlier this week, ETH has bounced back. Current ETH futures open interest is $5.05 billion, a sign of bullishness among derivatives traders.

Other metrics:

SharpLink’s SBET stock is down 9% this week but up 118% this month
ETH’s recent price action shows strong support at $3,500
Volume steady as institutions buy

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.