Sharplink ($SBET) has resumed buying Ethereum for the first time in eight months, picking up 5,000 $ETH worth $7.85 million on Thursday, according to onchain data cited by @EmberCN. The firm
Sharplink ($SBET) has resumed buying Ethereum for the first time in eight months, picking up 5,000 $ETH worth $7.85 million on Thursday, according to onchain data cited by @EmberCN. The firm received the tokens from crypto prime broker FalconX, per Arkham Intelligence data.
The purchase breaks a buying pause stretching back to October 2025, when Sharplink made its previous acquisition of 19,270 ETH valued at $78.3 million. That gap of roughly eight months is notable for a company whose strategy is built around continuous ETH accumulation.
Sharplink held 876,285 $ETH as of June 21, valued at roughly $1.3 billion, according to its website. @EmberCN estimated the company's average acquisition cost at $3,609 per ETH, implying a significant unrealized loss at current market prices. Sharplink has not publicly confirmed the reported purchase.
The firm remains the second-largest public ETH treasury company, behind Bitmine Immersion. It is also set to join the Russell 2000 and Russell 3000 indexes effective June 29, following FTSE Russell's semi-annual reconstitution, a move the company said would broaden its institutional shareholder base.
The timing of the purchase aligns with a fresh capital raise. Sharplink closed a $75 million registered direct offering on June 23, selling shares at a 41% premium to its June 18 closing price. The company stated that proceeds would be used partly to expand its Ethereum holdings, alongside stock buybacks and working capital.
In Q1 2026, Sharplink reported revenue of $12.1 million, up sharply from $0.7 million a year earlier, driven by its Ethereum staking program. A $506.7 million unrealized loss on its ETH holdings during the quarter contributed to a net loss of $685.6 million, reflecting the sensitivity of its model to crypto market prices.
Thursday's purchase, while modest relative to prior tranches, signals that Sharplink is once again actively deploying capital into $ETH, potentially using proceeds from its recent equity raise.
Sources:The Block: Sharplink buys Ethereum for first time in 8 monthsGlobeNewswire: Sharplink $75 Million Registered Direct OfferingGlobeNewswire: Sharplink to Join the Russell 2000 and 3000 Indexes
