Ethereum's Rise as Corporate Treasury Powerhouse Ignites Institutional Arms Race

SharpLink has initiated a large-scale transfer of 379 million USDC to Galaxy Digital, a move that could signify the company’s intention to continue accumulating Ethereum (ETH) as part of its corporate treasury strategy. This transfer aligns with broader trends in the crypto market, where major firms are increasingly treating ETH as a strategic asset. SharpLink now holds approximately 837,000 ETH, valued at $3.63 billion, making it the second-largest corporate ETH holder behind BitMine. The company’s recent acquisition brings it closer to completing its ETH treasury target, which has been a focus since the beginning of the year.

The transfer to Galaxy Digital is notable due to the volume and the timing. It comes amid a period of heightened institutional interest in Ethereum, as seen through large over-the-counter (OTC) transactions between major firms. BitMine, the largest corporate holder of ETH with 2.07 million tokens worth $8.94 billion, has also been actively accumulating, including a recent $65 million ETH purchase through Galaxy Digital. The two companies, alongside The Ether Machine, dominate the top Ethereum treasury rankings, with combined holdings representing over 4% of the total ETH supply.

Ethereum treasuries have seen significant growth in 2025, with more than 70 entities collectively accumulating 4.91 million ETH. Institutional buyers and corporate treasuries are increasingly viewing Ethereum as a long-term store of value and a key component of their investment strategies. On-chain analytics from Arkham Intelligence and Lookonchain show that large whale wallets and institutional investors continue to build their positions. In the past two days alone, institutional players added 218,750 ETH—worth around $942.8 million—to their holdings, further reinforcing bullish sentiment in the market.

The move by SharpLink to channel capital through Galaxy Digital is not an isolated event but part of a larger pattern of institutional coordination. Galaxy Digital has been a key facilitator in several major ETH transactions this year, including multiple purchases by BitMine and others. The firm’s involvement in OTC trading and its role in managing large transfers suggest it plays a central role in the growing Ethereum treasury ecosystem. Galaxy’s recent strategic shift also includes moving capital from Ethereum to Solana, as seen in a $100 million trade in April.

SharpLink’s accumulation efforts are part of a broader market dynamic where Ethereum is outperforming Bitcoin in institutional adoption. Ethereum-based ETFs have drawn significant inflows, while Bitcoin ETFs have seen outflows in recent weeks. This divergence highlights the shifting preferences of institutional investors who are increasingly allocating capital to Ethereum as a hedge and as a strategic asset for staking and DeFi participation. According to StrategicETHReserve, the total value of Ethereum held by corporate treasuries has reached $21.29 billion, with over 4.91 million ETH in total holdings.

The Ethereum price, currently trading near $4,395, reflects this institutional confidence, despite recent volatility. While the market remains in consolidation near $4,500, on-chain data shows that large whale and institutional activity continues to support a long-term bullish trend. SharpLink’s recent transfer and ongoing accumulation efforts underscore the broader shift in the crypto market, where Ethereum is increasingly being treated as a foundational asset by corporate and institutional players.