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SharpLink Gaming is a company that has recently come to the fore with Ethereum investments. The company rolled up its sleeves to increase the amount of Ethereum it holds. Here are the details.
SharpLink Gaming transferred 145 million US Dollars (USDC) to Galaxy Digital’s OTC wallet to expand its crypto asset portfolio. With this move, it is seen as an indication that the company is preparing to increase the amount of Ethereum (ETH) it holds.
Corporate Ethereum Demand Increases
Recently, Ethereum investments by corporates continue to increase their pace. Corporates are creating new funds to increase Ethereum investments and continue to purchase Ethereum with their existing funds. SharpLink Gaming has become one of the important players keeping up with this trend. According to Lookonchain data, this large-scale USDC transfer carried out by SharpLink is considered as a move before ETH purchase.
SharpLink has attracted attention with its previous purchases. In recent months, BlockRock’s former digital asset strategist Joseph Chalom has taken a big step in crypto asset management by appointing Joseph Chalom as co-CEO. SharpLink has already evaluated a significant portfolio of 360,807 ETH in liquid staking (LSDFi) and Ethereum-based projects.
Acquisition Strategy on a Large Scale with Galaxy Digital OTC
SharpLink’s USD 140 million USDC transfer through Galaxy Digital OTC is in line with the strategy of institutional investors to minimise market fluctuations by making large purchases directly from outside the stock exchange. It is seen that such transactions are mostly used in institutional investments that bring high liquidity. With this type of purchases that minimise stock market fluctuations, purchases are made with safer and less fluctuations.
Ethereum Becoming More Attractive to Institutions
Institutional investors’ interest in Ethereum has recently started to increase outside of Bitcoin. The fact that Bitcoin and Ethereum have approved spot ETFs makes them more preferred than other cryptocurrencies. As such, being approved by ETF continues to attract the attention of institutional investors.
The fact that ETH is cheaper than Bitcoin and that Ethereum is still low in price, as well as the great rise of Bitcoin in recent years, is met with interest by institutions.
Market analysts predict that SharpLink will convert $ 145 million USDC to ETH in a short time and expand its existing stock of +360 thousand Ethereum portfolio.
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