An Ethereum address, 0xCd9, has just acquired 124K ETH or $323M worth, from Galaxy Digital OTC services over the past week. The ETH tokens were then transferred to a new address, 0x0b2, where more than half of the stack was staked with the liquid staking project, Liquid Collective, to receive LsETH. The address now holds 71,671 LsETH or $202M worth, with the remaining 61,967 ETH held as it is.
There has been speculation on whether this purchase is related to SharpLink’s planned acquisition of $425M in ETH, especially with the address 0xCd9 initially being funded by Galaxy Digital and Galaxy Digital being one of the core investors in SharpLink. ConsenSys announced the closing of the $425M private placement into SharpLink earlier this week, with plans to make it the largest ETH treasury company globally. Other key investors in the deal include Galaxy Digital, Pantera Capital, ParaFi and more.
Information provided herein is for general educational purposes only and is not intended to constitute investment or other advice on financial products. Such information is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any particular digital asset or to use any particular investment strategy. Arkham makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information on this website and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Digital assets, including stablecoins and NFTs, are subject to market volatility, involve a high degree of risk, can lose value, and can even become worthless; additionally, digital assets are not covered by insurance against potential losses and are not subject to FDIC or SIPC protections. Historical returns are not indicative of future returns.
