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Backed by Galaxy and Forward Industries, the product aims to bring daily US housing price exposure to Ethereum in Q4 2026

Tue 10 Nov 2026 · 13:20 EST · 3 min read

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The Sharplink Onchain Yield Fund is backing USHP, a tokenized index built to track US home prices. The fund has a total capital commitment of $125 million.

The product is a joint effort with Galaxy Digital, which has committed $50 million to USHP. It is set to launch on Ethereum mainnet in Q4 2026, with plans to expand to Solana by 2027.

What USHP actually is

The token gives holders exposure to a daily US Home Price Index created by Index Industries. Most housing benchmarks update far less often, so a daily read is part of the pitch.

USHP is fully backed by housing-related reserve assets. Every token is meant to be supported by real collateral tied to the housing market.

There is also a second flavor. An income-bearing variant called USHPi is designed to deliver yield to investors.

Who is putting money in

Total pre-launch institutional commitments have reached $100 million. That figure includes Galaxy’s $50 million plus a commitment of up to $50 million from Forward Industries.

Forward Industries did more than write a check. As part of its commitment, the company acquired a minority stake in Index Industries, the firm behind the US Home Price Index that USHP tracks.

Index Industries has its own war chest. It raised $50 million in seed funding in a round led by Lightspeed Venture Partners, with Galaxy Ventures among the backers.

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Notice the overlap. Galaxy shows up as a product partner and, through Galaxy Ventures, as an investor in the index provider. Forward Industries is both a USHP backer and a part-owner of Index Industries.

Why Sharplink is doing this

Sharplink’s career arc is unusual. The company moved from gaming affiliate marketing to becoming a major institutional holder of Ethereum, with approximately 895,000 ETH on its books.

USHP also plays to Ethereum’s home turf. Launching on Ethereum mainnet first means the product lives on the chain Sharplink is most heavily exposed to.

The size of the opportunity

The US residential housing market is valued at roughly $55 trillion. Despite its size, it has been mostly reachable through conventional indices or by physically owning property.

The team is pitching the product to two audiences at once. Crypto-native investors get a way to diversify without leaving the chain, while traditional investors get housing exposure in a new wrapper.

The diversification pitch rests on a specific claim: US home prices have shown low historical correlation with the crypto market.

What this means for investors

That timeline matters. The $100 million in pre-launch commitments signals institutional appetite, but commitments are not the same as deployed capital, and Forward Industries’ share is described as up to $50 million rather than a fixed sum.

Concentration is another consideration. Galaxy and Forward Industries sit on both sides of the arrangement, as backers of the product and investors in the index provider.

The planned Solana expansion by 2027 hints at broader ambitions, though that remains a plan rather than a commitment with a fixed date.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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