SharpLink Gaming has doubled down on its Ethereum Treasury strategy with a significant purchase of more than 31,000 ETH.
The move reflects growing corporate interest in ETH as a reserve asset and further signals the digital asset’s shifting role in institutional portfolios.
SharpLink’s Ethereum Stash Yields $45 Million in Unrealized Profit
According to blockchain data tracked by EmberCN via Arkham Intelligence, Sharplink acquired 21,487 ETH on July 12, amounting to $64.26 million.
SharpLink split the acquired ETH between two platforms, purchasing 14,693 ETH from Galaxy Digital for $43.89 million and 6,804 ETH from Coinbase Prime for $20.37 million.
This followed a separate 10,000 ETH purchase the day before, directly from the Ethereum Foundation for $25.7 million. The company’s total purchase over the two days reached 31,487 ETH.
While some observers view the Ethereum Foundation’s sale as a routine funding move, it has sparked criticism within the crypto community. Detractors described the Foundation’s offloading of ETH as a lack of faith in the digital asset.
“This went to a ETH holding company; the microstrategy of ETH: basically it went to the most diamond handed buyers possible. that’s quite literally their whole thing; you may as well considered this ETH as taken out of the supply/burned,” Binji Pande, a contributor to the Foundation, further explained.
Since June, SharpLink has accumulated around 253,000 ETH as part of its ETH Treasury strategy. The company has staked all of its holdings to help secure the network while generating yield.
According to Arkham Intelligence data, this approach has led to an unrealized profit of approximately $45 million.
The company’s Chairman and Ethereum co-founder, Joseph Lubin, emphasized that the company’s ETH accumulation is a strategic decision, not a short-term trade. He explained that SharpLink is actively acquiring ETH, staking it, and restaking it.
According to him, this approach is designed to support the long-term growth of the Ethereum network
“We see this as the start of something bigger – a model for how mission-driven organizations can work to advance our ecosystem’s shared goals of decentralization, economic empowerment and protocol-native finance,” he stated.
Real-World Assets (RWA) are becoming one of the most closely watched narratives in crypto as the sector evolves under increased institutional and regulatory scrutiny. The collapse of MANTRA served as a wake-up call, exposing operational vulnerabilities and sparking demands for higher standards across tokenization platforms.
While skepticism grows around decentralized RWA projects, the broader investment case for asset-backed tokens remains intact—especially as stablecoins and tokenized treasuries lead adoption efforts. Against this backdrop, several RWA altcoins are standing out in May 2025, showing both technical momentum and renewed investor interest.
Stablecoins and Treasuries Lead RWA Adoption Wave
The collapse of Mantra has triggered a wave of reflection and caution across the Real World Asset (RWA) sector. As Andrei Grachev, Managing Partner of DWF Labs, puts it:
“The Mantra collapse is really a pivotal moment for the RWA sector. It has exposed some serious vulnerabilities in how these permissionless tokenisation platforms operate. I think we’re going to see investors getting much more cautious and selective about where they put their money now. Institutional players will probably start demanding much higher standards of due diligence, and regulators might step in with more scrutiny too.”
This event has clearly shaken confidence in the structure of some decentralized RWA models, pushing institutional and retail participants toward more regulated, vetted alternatives.
At the same time, the debate around RWA tokens’ potential to decouple from broader crypto market volatility is gaining momentum.
In response to Binance Research’s observation that RWA tokens have shown more stability than Bitcoin during tariff events, Edwin Mata, Co-founder & CEO of Brickken, said:
“True RWA tokens are backed by real-world value and governed by legal frameworks that enforce rights, obligations, and cash flows. In that sense, they behave more like traditional securities and can, over time, become more resilient to macro-level crypto volatility, especially during periods of market stress, regulatory shifts, or geopolitical shocks like tariffs.”
Shahaf bar Geffen, CEO and Founder of COTI, reinforced this emerging divergence by stating:
“We‘re already witnessing the early stages of that decoupling. RWA tokens are anchored to tangible assets—real estate, commodities, invoices—which inherently provide a stability layer absent in purely speculative cryptocurrencies. The potential for RWAs to hedge against macroeconomic volatility, such as tariffs or inflationary pressures, is significant.”
The macroeconomic case is strengthening, but the technological and institutional backing behind RWAs is also evolving quickly. Kadan Stadelmann, Chief Technology Officer at Komodo Platform, believes institutional adoption will be a decisive factor:
“The adoption by mainstream financial institutions will separate RWAs from the rest of the crypto index. No other crypto product will be as extensively adopted by mainstream finance as RWAs other than stablecoins, which I would argue are a type of RWA.”
Here are the top 3 RWA coins to watch in May.
Ondo (ONDO)
ONDO has climbed nearly 14% over the past 30 days, recently breaking above the $1 mark for the first time since March 6. This move has brought renewed attention to the token, as its market cap approaches the $3 billion threshold again.
However, this upward price action comes amid a broader contraction in the space. According to data from rwa.xyz, total RWA on-chain value currently sits at $16.6 billion, representing a 16.92% decline over the past 30 days.
Despite ONDO’s short-term strength, its technical indicators are flashing caution. A death cross has recently formed on its EMA lines—a pattern often associated with bearish momentum.
The first key support is $0.866. If that level breaks, ONDO could decline to $0.819, with deeper support at $0.73 and $0.663 if the downtrend accelerates.
On the upside, if sentiment reverses and ONDO manages to break above the $1.04 resistance, a push toward $1.20 could follow, opening the door for a stronger recovery.
Reserve Rights (RSR)
Reserve Rights is up nearly 41% over the past 30 days, riding a wave of renewed interest following its Coinbase listing and lingering associations with incoming SEC Chair Paul Atkins.
Despite Atkins having no active ties to the project today, his early advisory role has fueled trader speculation about potential regulatory tailwinds.
This narrative, combined with Binance’s top traders heavily going long, has positioned RSR as one of the more politically charged tokens in the current market.
The listing alone sparked a 9% intraday jump, helping bring RSR back into the spotlight after a long quiet phase post-2021 peak.
Technically, RSR is approaching a critical decision point. The token recently attempted to break the $0.0096 resistance level twice and failed, signaling the importance of that threshold.
A successful breakout could open the door to $0.011, and potentially $0.0137 if momentum builds. However, failure to hold current levels could trigger a correction toward $0.0084, with deeper support at $0.0071 and $0.0057.
TokenFi (TOKEN)
Real-world asset (RWA) platform TokenFi (TOKEN) has surged nearly 40% over the past seven days, pushing its market cap back to the $20 million mark.
The sharp rise comes despite a notable drop in trading activity, with 24-hour volume falling over 59% to $8.13 million.
The divergence between price appreciation and declining volume raises questions about the rally’s sustainability, but for now, TOKEN is regaining attention as a small-cap RWA narrative play in the altcoin market.
From a technical standpoint, TOKEN is approaching key resistance levels. If the bullish momentum continues, the token could test $0.024 and $0.0275, with a potential breakout target of $0.041.
However, any reversal could see TOKEN retrace toward the $0.0194 support level. If that fails, deeper downside levels lie at $0.0137 and $0.0112.
Hedera (HBAR) is trading dangerously close to the key psychological level of $0.20, with technical indicators flashing mixed signals. The BBTrend has turned slightly positive at 0.97 but continues to struggle to break above the bullish confirmation level of 1, signaling weak momentum.
Meanwhile, the RSI has dropped sharply from near-overbought territory to a neutral 49.58, reflecting fading confidence after Bitcoin’s recent decline. With HBAR hovering at a make-or-break level, traders are watching closely to see whether support holds or if a deeper correction happens.
HBAR BBTrend Turns Positive, But Struggles to Confirm Bullish Momentum
The BBTrend (Bollinger Band Trend) indicator measures the strength and direction of price trends based on how far prices deviate from a moving average within the Bollinger Bands.
Positive values suggest upward momentum and buying strength, while negative values indicate downward pressure. The deeper the value, the stronger the trend, making it useful for spotting breakouts or trend reversals.
When BBTrend hovers near zero, it signals indecision or consolidation, and sustained values above 1 are typically seen as confirmation of a bullish move gaining traction.
HBAR’s current BBTrend reading of 0.97 marks a recovery from its recent bearish phase, where it bottomed at -8.99 on May 19 and remained negative through May 22.
While the reading reflects an improving trend, it also highlights hesitation from buyers, indicating that HBAR may remain range-bound unless stronger momentum emerges.
Hedera RSI Drops to Neutral Zone Amid BTC-Driven Sell-Off
Hedera’s Relative Strength Index (RSI) has dropped to 49.58, falling sharply from 69.91 just a day earlier.
This sudden shift reflects a clear loss of buying momentum, as broader market sentiment turned risk-off following Bitcoin’s 3% drop in response to Donald Trump’s threat of imposing a 50% tariff on the European Union.
The RSI’s decline highlights how quickly investor confidence in HBAR faded alongside BTC’s pullback, pulling the token back into neutral territory after nearly touching overbought conditions.
The RSI is a momentum indicator that measures the magnitude of recent price changes to evaluate whether an asset is overbought or oversold.
It ranges from 0 to 100, with levels above 70 typically signaling overbought conditions and potential for a pullback, while values below 30 suggest oversold conditions and potential for a rebound.
With HBAR’s RSI now sitting near the midline, the token lacks a clear trend, indicating indecision among traders. For momentum to return, HBAR would need either renewed bullish sentiment or broader market stabilization—particularly from Bitcoin.
HBAR Nears $0.20 Breakdown — Key Support Levels in Focus
Hedera price is currently at a critical technical juncture, hovering just above the psychological level of $0.20. If bearish momentum persists, the token is at risk of breaking below this level and could slide toward the next support at $0.192.
A breach there would expose further downside to $0.184, potentially accelerating short-term selling pressure.
This scenario reflects broader weakness in the crypto market, particularly after Bitcoin’s recent pullback.
However, if sentiment stabilizes and HBAR reverses course, the first resistance to watch is at $0.209. A successful breakout above this level could open the door to a move toward $0.228, a zone that would likely require strong volume and broader market support to reclaim.
