Sharplink fund backs USHP, a tokenized US home price index slated for Ethereum
In brief
- Sharplink Onchain Yield Fund backs USHP, a tokenized index tracking US home prices.
- Galaxy committed $50M and Forward Industries up to $50M in pre-launch commitments.
- Ethereum mainnet launch is planned for Q4 2026; Solana expansion is targeted by 2027.
- Crypto Briefing noted commitments aren't deployed capital and the backers sit on both sides.
What USHP is meant to do
The US residential housing market is valued at roughly $55 trillion, per Crypto Briefing, yet it's mostly been reachable through conventional indices or by owning physical property. USHP's pitch is to put that exposure onchain. Why a daily index? Most housing benchmarks update far less often, the report noted.
The project team says USHP is fully backed by housing-related reserve assets, according to Crypto Briefing, and an income-bearing variant called USHPi is designed to deliver yield to investors. The team is pitching it to two camps: crypto-native investors who want to diversify without leaving the chain, and traditional investors who want housing exposure. That diversification argument rests on the team's claim that US home prices have shown low historical correlation with the crypto market.
Who's committing money
Pre-launch institutional commitments reached $100 million, the report said. Galaxy committed $50 million, and Forward Industries committed up to $50 million. That's separate from the Sharplink fund's own $125 million total capital commitment (the two figures aren't the same pool of money).
Forward also acquired a minority stake in Index Industries as part of its commitment. Index Industries raised $50 million in seed funding in a round led by Lightspeed Venture Partners, with Galaxy Ventures among the backers, according to Crypto Briefing.
Sharplink itself moved from gaming affiliate marketing to become a major institutional holder of Ethereum, with approximately 895,000 ETH, the outlet reported.
The caveats
Commitments aren't deployed capital.
Crypto Briefing flagged that point directly, adding that Forward's share is described as "up to" $50 million rather than a fixed sum. Galaxy and Forward also sit on both sides of the arrangement, backing the product while also investing in the index provider. And the Solana expansion is still a plan rather than a commitment with a fixed date. For now, the Ethereum mainnet launch is slated for Q4 2026, per the report.
Frequently asked questions
What is USHP?
USHP is a tokenized index built to track US home prices, backed by the Sharplink Onchain Yield Fund and developed jointly with Galaxy Digital. It gives holders exposure to a daily US Home Price Index created by Index Industries, according to Crypto Briefing.
When and where is USHP planned to launch?
USHP is planned for Ethereum mainnet in Q4 2026, with plans to expand to Solana by 2027, Crypto Briefing reported. The Solana expansion is a plan rather than a commitment with a fixed date.
How much money has been committed to USHP?
Pre-launch institutional commitments reached $100 million: $50 million from Galaxy and up to $50 million from Forward Industries. Crypto Briefing noted these commitments aren't deployed capital. They're separate from the Sharplink fund's $125 million total capital commitment.
What is USHPi?
USHPi is an income-bearing variant of USHP that the project team says is designed to deliver yield to investors, according to Crypto Briefing.
