SharpLink Gaming significantly bolstered its Ethereum (ETH) position last week, acquiring 77,206 ETH valued at approximately $296 million. The company subsequently staked its entire acquisition, increasing its total staked ETH holdings to 438,000 tokens.
This strategic accumulation precedes the appointment of Joseph Chalom, former BlackRock Global Head of Digital Assets, as co-CEO of SharpLink Gaming. Chalom is expected to spearhead the company’s Ethereum-centric investment and development strategies.
Meanwhile, other significant market participants, commonly known as whales, demonstrated varied approaches within the Ethereum ecosystem. DeFiance Capital accumulated 30,400 ETH, while prominent investor Justin Sun withdrew 60,000 ETH. F2Pool co-founder Wang Chun moved approximately 5,000 ETH to cryptocurrency exchange Binance.
Further highlighting the divergent whale activity, one large investor established a substantial short position on ETH, placing a $93 million bet with 20x leverage and a reported liquidation price near $3,801. This activity extended beyond Ethereum, with a separate entity moving a notable quantity of Bitcoin (BTC). Specifically, 1,250 BTC, valued at approximately $149 million, was transferred from Coinbase to an undisclosed private wallet.