Watch Out: Activity in a Company’s Onchain Wallets – Funds Deposited, May Purchase Large Amounts of Altcoins

According to on-chain data, SharpLink's wallet, which has recently moved towards becoming a MicroStrategy for Ethereum, received 145 million $USDC from the Circle wallet.

While it is thought that this fund may have been newly minted, it is estimated that the company raised funds through share sales in order to increase its Ethereum ($ETH) accumulation.

SharpLink, which hasn't purchased any $ETH all week, currently holds approximately 360,900 $ETH in its wallet, with a total value of approximately $1.34 billion.

SharpLink transferred the $USDC it received to its Galaxy Digital wallet. Given that the company has previously made large $ETH purchases through Galaxy Digital, this transfer is believed to be for a new $ETH investment.

SharpLink Gaming purchased 74,656 Ethereum between July 7th and 13th, bringing its total holdings to 280,706 $ETH. This figure was worth over $1 billion as of July 21st. This puts SharpLink at more Ethereum than any other institution in the world, including the Ethereum Foundation.

*This is not investment advice.