SharpLink Adds $517M in ETH as OG Whale Sends $10M to Gemini

SharpLink Gaming has positioned itself as one of the most aggressive corporate buyers of Ethereum in 2025. Lookonchain reported in a recent X post, the company confirmed it now holds 198,167 ETH. That total includes roughly 9,468 ETH worth $22.8 million, purchased between June 23 and June 30 at an average price of $2,411.

SharpLink also disclosed it raised $24.4 million through its At-The-Market (ATM) equity facility during the same period. It sold around 2.5 million shares and plans to funnel most of the proceeds directly into more ETH purchases. The company calls its stock ticker “$SBET,” a strategic bet on Ethereum.

Fully Staked Position and On-Chain Rewards

SharpLink isn’t just holding ETH. It has already staked 100% of its Ethereum position, earning roughly 222 ETH in staking rewards since June 2. That approach boosts its yield while signaling a long-term strategy.

In just under a month, its ETH-per-share metric has grown 17.7%, according to company data. The move marks a growing shift where companies don’t just acquire crypto but actively use it within the ecosystem. By staking, SharpLink gains passive income while securing the Ethereum network.

Ethereum OGs Quietly Exit Through Exchanges

While SharpLink leans in, Ethereum veterans appear to be stepping out. On July 3, an early ETH whale transferred 4,123 ETH worth over $10.5 million to Gemini. The wallet, 0xe592, had accumulated 21,664 ETH at an average of $573 between 2017 and 2018.

Such moves are rarely casual. Deposits to centralized exchanges often suggest upcoming sales. This isn’t an isolated event. Lookonchain reported at least two other Ethereum OGs also selling significant ETH this week, echoing a broader trend among early adopters.

Dormant and Genesis Whales Lock In Over $57M in Profits

Another wallet made waves after reappearing from three years of silence. A whale deposited 2,450 ETH to Kraken on July 2, unlocking a profit of $2.74 million. Back in 2022, the whale had withdrawn the ETH from Kraken when prices sat near $1,305. With ETH now trading above $2,400, the move likely signals strategic profit-taking. Notably, the wallet missed the cycle’s peak but still captured solid returns.

One of Ethereum’s original investors also joined the selloff. A wallet tied to the 2015 Genesis sale offloaded 501 ETH in a recent transaction. This user originally bought 16,000 ETH at just $0.31, and later added 804 ETH in 2017 at $459. Since 2021, this wallet has sold 14,394 ETH for $50 million. The total profit stands at $55.6 million, a 149x return. The wallet still holds 2,410 ETH, valued at around $5.8 million, leaving room for more future exits.

What This Signals for Ethereum’s Market Structure

SharpLink’s purchases underscore how institutional players are adopting ETH as a treasury asset, not just a speculative trade. Staking adds a new layer of utility, turning ETH into a yield-generating tool within company balance sheets.

But the heavy selling from long-term holders suggests a rotation in ownership. Early believers are taking profits, while new players step in. This reshuffle may impact short-term volatility but strengthens Ethereum’s investor base for the long run. The divergence between corporate accumulation and OG exits shows a maturing market. Ethereum is no longer just a developer playground; it’s now a battleground for balance sheets.