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SharpLink Buys 10,000 ETH as Holdings Reach 886,725 ETH
SharpLink added 10,000 ETH to its stash of 886,725 ETH, placing it among the largest known institutional holders of the second-largest cryptocurrency. The purchase comes as exchange supply trends lower.
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SharpLink bought another 10,000 Ether, lifting its total holdings to 886,725 ETH. The company disclosed the purchase Wednesday in a regulatory filing.
The position represents roughly 0.7% of Ethereum's circulating supply, based on the current total of about 120 million tokens. That makes SharpLink one of the largest known institutional holders of the second-largest cryptocurrency.
The firm did not disclose the price paid or the exact date of the transaction. It also offered no immediate comment on its strategy beyond the filing.
SharpLink has been a steady accumulator of ETH over the past year. The latest addition follows a pattern of periodic purchases that have steadily increased its treasury of the token. The company holds the asset directly, not through derivatives or pooled vehicles.
The buying comes as exchange balances for Ether have been trending lower. Data from Glassnode shows that the amount of ETH held on trading platforms has declined steadily over recent weeks. Lower exchange supply can reduce the amount of tokens available for quick sale, which some traders view as a supporting factor for price.