SharpLink has expanded its Ethereum war chest again, snapping up 15,822 ETH worth nearly $54 million in a fresh buying spree, according to on-chain data. The transactions were split across several transfers, the largest being 6,914 ETH valued at $23.56 million. In the last 48 hours alone, SharpLink has spent over $108 million in USDC to acquire 30,755 ETH, averaging $3,530 per coin.

This latest accumulation pushes SharpLink’s total ETH holdings to a staggering 480,031 ETH, now worth approximately $1.65 billion. Just days earlier, the company invested another $43 million to acquire 11,259 ETH at a higher average of $3,828, showing continued bullishness on Ethereum.

Joining SharpLink is The Ether Machine, which recently scooped up 15,000 ETH for $56.9 million, coinciding with Ethereum’s 10-year anniversary. The firm now holds 334,757 ETH—surpassing the Ethereum Foundation’s own reserves—and ranks as the third-largest corporate ETH holder behind BitMine and SharpLink. Ether Machine was formed via a merger with Nasdaq-listed Dynamix Corp. and is preparing for a public listing under the ticker ETHM, targeting a $1.6 billion raise.

The aggressive buying signals a broader shift among corporations adopting Ethereum as core digital infrastructure. According to NoOnes CEO Ray Youssef, Ethereum is increasingly seen as both programmable equity and currency, with staking yields, smart contract utility, and regulatory clarity making it ideal for forward-thinking treasury strategies.

Ethereum dominates 58.1% of the $13.4 billion tokenized asset market, reinforcing its position as the reserve currency of tokenized finance. As institutions double down, Ethereum is no longer just a crypto asset—it's becoming a corporate essential.