SharpLink To Add More Ethereum to Its 360,807 Ether Trove

• SharpLink has closed a $145M deal and is likely to accumulate more Ethereum for its treasury.
• The company welcomed Joseph Chalom, who worked at BlackRock to lead its Ether quest.
• Renewed demand from institutional investors to push the Ethereum price beyond $4K soon. 

SharpLink Gaming, which had maintained a calm demeanour after its Ethereum accumulation, had closed a $145 million funding deal, signaling its intent to expand its ETH holdings. According to on-chain data analysis, the funds were transferred from a wallet associated with USDC issuer Circle and deposited into Galaxy Digital, thus signaling an imminent Ether purchase.

Last week, SharpLink acquired 79,949 Ether, thus increasing its holding to 360,807, a 29% jump from the prior week. The company remains committed to increasing its Ether holdings to strengthen its treasury amid the mainstream adoption of digital assets.

In a strategic leadership move, SharpLink welcomed Joseph Chalom, former Head of Digital Assets Strategy at BlackRock, as the new co-CEO, who would assist the company achieve its midterm goal of accumulating 1 million ETH. 

SharpLink Joins List in Aggressive ETH Accumulation 

Joining the growing list of institutional investors, SharpLink exhibits its enthusiasm for Ethereum considering its recent development and market sentiment. Earlier this week, BitMine Immersion Technologies (NASDAQ: BMNR) announced its Ether holdings had increased to 566,776 ETH coins, worth more than $2 billion.

According to coingecko data, around 13 companies currently hold 1,268,538 Ether for treasury management, worth about $4.7 billion, while data from EmberCN revealed that several whale institutional investors have accumulated 614,000 ETH since July 10 of this year.

Meanwhile, BlackRock’s ETHA has led other U.S. spot ETH ETF issuers in aggressive Ethereum accumulation in the recent past. On Friday, the U.S. spot Ether ETFs recorded a net cash inflow of about $452 million, thus increasing the total net assets to $20.66 billion.

Related: From Staking to Strategy: The Rise of Ethereum in Corporate Treasuries

ETH Price Aims for $4K 

On the market front, Ethereum has gained bullish sentiment in the past few weeks fueled by renewed demand from institutional investors. The large-cap altcoin, with a fully diluted valuation of about $451 billion, gained 5% this week to retest a mild resistance around $3,750.

In the four-hour timeframe, ETH price has respected a rising trendline after breaking out of a megaphone structure. The midterm uptrend sentiment for Ethereum price is bolstered by the 4-hour MACD line that just crossed above the signal line amid rising bullish histograms. However, a possible retrace and consistent close below $3,610 will invalidate the midterm bullish sentiment and cause a renewed correction.

Related: Ethereum Bulls Could Reject Analyst’s Projected Consolidation to $3,300