Sharplink Stuns Crypto World: Dethrones Ethereum Foundation as Top ETH Whale
Move over, Ethereum Foundation—Sharplink just rewrote the power rankings.
The upstart protocol now holds more ETH than the blockchain's founding organization, flipping the script on decentralization's poster child. On-chain data doesn't lie: this isn't your grandpa's crypto landscape anymore.
Who needs a foundation when you've got a profit-seeking entity calling the shots? (Cue Wall Street bankers nodding approvingly.) The takeover signals a seismic shift—from idealistic beginnings to capital-drenched reality.
One question remains: in this new era of institutional crypto, who's actually building the future—and who's just accumulating bags?
Ethereum treasury strategy gains traction
SharpLink’s announcement aligns with a broader trend of companies beginning to adopt the Ethereum Treasury Strategy.
Over the past 30 days, approximately 10 firms, including SharpLink, have purchased more than 550,000 ETH, totaling $1.65 billion in acquisitions.
Some of these entities were previously Bitcoin miners like Bitmine Immersion Technologies, which recently shifted its focus to the second-largest digital asset.
Kyle Reidhead, co-owner of Milk Road, predicted that this trend is expected to continue, with firms possibly purchasing up to $2 billion worth of ETH in the coming month and $3 billion the following month.
He also noted that the growth of stablecoins and favorable regulations could further fuel Ethereum’s demand.
He stated:
“In the last 30 days, these treasury companies have bought .5% of the entire ETH supply and moved it into Ethereum DeFi smart contracts (via staking or lending). Remember, unlike the ETFs, these companies don’t sell. They only buy (at least for now). This is going to create a supply shock for ETH over the coming months, there’s really no way around it.”
As of press time, about 1,520,715 ETH (worth over $4.5 billion) is locked in various Ethereum reserves belonging to 52 companies. Strategic ETH Reserve data shows that these holdings amount to 1.31% of the digital asset’s total supply.
