SharpLink Returns to Ethereum Hunt with $145M Transfer to Galaxy

SharpLink Reclaims Ether Crown as BlackRock Executive Joins in $145M Crypto Push

SharpLink Gaming is once again in the global spotlight as it reclaims its position as the largest public holder of Ethereum (ETH), following a series of strategic moves that underscore growing institutional interest in digital assets. The gaming and blockchain innovation company recently made headlines after transferring $145 million in USDC to a Galaxy Digital wallet—widely interpreted by analysts as preparation for another wave of Ether accumulation.

The developments come at a time when Ethereum is gaining traction as the preferred asset for institutional players looking to explore staking, treasury diversification, and asset tokenization. More notably, the Ether buying spree coincided with a major leadership change at SharpLink: the appointment of Joseph Chalom, a former executive at BlackRock and a leading voice in institutional crypto adoption, as Co-Chief Executive Officer.

Source: X

A Strategic Wallet Transfer Signals a Buying Wave

On-chain analytics platform Lookonchain reported that SharpLink transferred 145 million USDC from its treasury to a wallet linked with Galaxy Digital, a move consistent with its previous buying patterns. The fund has since been redistributed to three major cryptocurrency exchanges: Binance, Bybit, and OKX, signaling SharpLink’s intent to purchase large quantities of Ethereum on the open market.

SharpLink’s previous Ether holdings—acquired through Galaxy Digital—established it as one of the largest institutional players in the Ethereum ecosystem. The latest transfer suggests the company is doubling down on its ETH strategy in the wake of growing momentum around ETH spot ETFs and broader Web3 adoption.

Joseph Chalom Joins as Co-CEO, Bringing BlackRock Gravitas

In a surprising move, SharpLink appointed Joseph Chalom, BlackRock’s former Global Head of Strategic Ecosystem Partnerships for Virtual Assets, as Co-CEO. Chalom is widely credited for helping lay the groundwork for BlackRock’s involvement in digital asset investment infrastructure. His entry into SharpLink is seen as a major coup for the company.

Chalom joins Chairman Joseph Lubin, who is also the founder of Ethereum development studio ConsenSys. Lubin praised Chalom’s vision and influence in a public statement:

"Few executives in the world have had the kind of impact Joseph has had in unlocking institutional adoption of digital assets," Lubin said. "His deep understanding of both traditional finance and decentralized technologies makes him the ideal leader for our next chapter."

Chalom will oversee the company’s ETH staking initiatives, decentralized treasury operations, and infrastructure investment as SharpLink builds tools designed to bring large-scale institutional players into the Ethereum network.

$258.9 Million in Ether Bought in Just One Week

SharpLink’s return to the top of Ethereum’s public holding leaderboard was made official this week, after it confirmed the acquisition of 79,949 ETH—valued at approximately $258.9 million—over a seven-day period. That followed another $49 million purchase announced just days prior. Combined, SharpLink now holds more than 360,000 ETH, worth an estimated $1.3 billion at current prices, according to data from CoinGecko.

This surge in holdings cements SharpLink’s place ahead of competitors in the public Ethereum race, including companies such as MicroStrategy (traditionally known for its Bitcoin holdings) and Coinbase.

Galaxy Digital’s Role as the Strategic Enabler

Galaxy Digital, the crypto investment and trading firm founded by Michael Novogratz, has once again proven itself to be SharpLink’s trusted partner. The $145 million USDC wallet transfer was reportedly initiated through Circle, then routed to Galaxy Digital before distribution to key exchanges. This multilayered flow of funds demonstrates a high level of coordination and risk management typically associated with institutional-grade crypto investing.

Source: X

Market watchers speculate that Galaxy Digital is executing a customized ETH accumulation strategy for SharpLink, one that leverages liquidity pools, on-chain arbitrage, and real-time trading algorithms.

Ethereum Price Surges Amid Whale Activity

At the time of writing, Ethereum is trading at $3,740—an increase of 3.41% in the past 24 hours. The price rise is partially attributed to large-scale accumulation by so-called “whales,” or high-net-worth individuals and institutions, including SharpLink.

According to on-chain analytics, a single wallet associated with institutional investors acquired over $380 million in ETH within the past week. This sudden demand has tightened Ethereum’s supply, adding bullish momentum to the token’s performance in the market.

Furthermore, the anticipation of SEC approval for ETH spot ETFs in the U.S. has added a layer of speculative excitement to the market. Analysts believe that Ethereum could replicate Bitcoin’s recent surge, driven largely by institutional interest and retail investor optimism.

Institutional Staking and the Next Phase of Crypto Adoption

With Chalom’s arrival, SharpLink is expected to roll out new products aimed at institutional investors, including Ethereum staking-as-a-service and tokenized yield instruments. These products will allow corporations, hedge funds, and sovereign wealth funds to earn returns on ETH without directly managing nodes or wallets.

Source: CoinGecko

The broader crypto community views these developments as a signal that Ethereum is entering a new phase of adoption—one driven by regulated platforms and institutional frameworks. This trend mirrors earlier stages of Bitcoin’s institutionalization, which saw inflows from Tesla, Square, and eventually BlackRock itself.

The Future of ETH: Tokenized Finance and Beyond

SharpLink’s roadmap also includes integrating Ethereum’s Layer-2 networks for faster, cheaper transactions. This is key to supporting its long-term strategy of asset tokenization, where real-world assets—such as real estate, stocks, and commodities—are represented as blockchain-based tokens.

"Ethereum is more than just a cryptocurrency; it’s the foundation of the next financial internet," Chalom said during a press briefing. "We’re here to build infrastructure that enables mainstream access to decentralized capital markets."

Conclusion

SharpLink’s aggressive re-entry into the Ether market, backed by $145 million in fresh capital and the strategic appointment of Joseph Chalom, signals a broader shift in the institutional crypto narrative. With Ethereum staking, scalable infrastructure, and asset tokenization on the agenda, SharpLink is positioning itself as both a pioneer and a bridge between traditional finance and the decentralized future.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

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