Sharplink's ETH Comeback
Sharplink Resumes Ethereum Purchases After Eight Months, Expanding Treasury by $7.85 Million
Anonymous
Key Points
1
Sharplink financed its 5,000 ETH purchase with a $75 million institutional securities offering finalized earlier in the week to fund working capital and additional Ether purchases.
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Ethlabs, launched on June 22, is an independent Ethereum research and development nonprofit backed by Sharplink, Bitmine Immersion Technologies, Ethereum co-founder Joe Lubin, and other ecosystem participants to advance Ethereum infrastructure and institutional adoption.
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The most recent prior Ethereum purchase before this week occurred in October 2025, when SharpLink bought 19,270 ETH for about $78.3 million.
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Immersion leads the world’s public Ethereum treasury with about 5.67 million ETH, making Sharplink the second-largest such treasury holder.
Sharplink (NASDAQ: SBET) has bought Ethereum again for the first time in eight months, picking up 5,000 ETH worth about $7.85 million through digital asset broker FalconX, according to CryptoBriefing. The purchase brings the Nasdaq-listed treasury firm's total holdings to 876,285 ETH — roughly $1.3 billion at current prices — making it the second-largest public Ethereum treasury in the world.
The timing is notable. Ethereum hit a 2026 low of $1,537 on June 25, the same day on-chain trackers spotted the transfer, according to BeInCrypto. With an average cost basis of $3,609 per ETH, Sharplink is sitting on an unrealized loss of roughly $1.79 billion — yet the company is doubling down anyway.
$75 Million Raise Funds the Return to Buying
Sharplink didn't use cash on hand to buy the ETH. The company priced a $75 million registered direct offering on June 22 at $7.49 per share — a 41% premium to its last closing price, according to Finance Yahoo. It closed the deal on June 23, earmarking the funds specifically for "working capital and additional Ether purchases."
CEO Joseph Chalom called the financing a "powerful endorsement" that lets the firm buy more ETH on an "accretive per-share basis," according to FinanceFeeds. The fact that a large institutional investor paid a steep premium signals real confidence in the ETH treasury model — even with prices near yearly lows.
Eight Months of Silence Broken at the Worst Price
Sharplink's last ETH purchase before this week was in October 2025, when it bought 19,270 ETH for about $78.3 million, according to MEXC News. Shortly after, Ethereum crashed nearly 70% from its 2025 highs. The company went quiet on buying but kept earning staking rewards — generating about 22,102 ETH worth roughly $34.6 million during the pause.
Now Sharplink is back buying at even lower prices. ETH has fallen 25% in the past month alone, outpacing Bitcoin's 22% drop, according to BeInCrypto. Analysts at Bitrue described the move as a signal of "genuine corporate accumulation conviction" despite the weak price action, according to Value the Markets.
Ethlabs Launch Backs a Broader Ethereum Mission
The same day Sharplink announced its capital raise, it helped launch Ethlabs — an independent nonprofit focused on Ethereum research and development. The organization is backed by Sharplink, Bitmine Immersion Technologies, and Ethereum co-founder Joe Lubin, according to HokaNews. Former Ethereum Foundation researcher Ansgar Dietrichs leads it as executive director.
Lubin said Ethereum is entering a stage where "steward nodes" must evolve to protect the network's core properties while growing global use, according to CryptoBriefing. The nonprofit aims to translate real institutional needs into actual protocol upgrades — a sign that private firms are stepping in as the Ethereum Foundation shifts toward a "multi-node" leadership model.
Big Paper Losses and Even Bigger Catalysts Ahead
Sharplink reported a $685.6 million net loss in Q1 2026, almost entirely from unrealized losses on its crypto holdings, according to Value the Markets. The company holds 876,285 ETH at an average cost of $3,609. With ETH in the mid-$1,500s, that gap is enormous. Still, bulls point to its scheduled inclusion in the Russell 2000 and Russell 3000 indexes on June 29, which will force passive funds to buy SBET shares.
The bigger long-term bet is regulatory. CEO Chalom has called the U.S. CLARITY Act — with a House committee hearing set for July 17 — the top catalyst for resolving uncertainty that has weighed on ETH prices, according to FinanceFeeds. Meanwhile, Bitmine Immersion Technologies holds a commanding lead with 5.67 million ETH, about 4.7% of the total ETH supply, leaving Sharplink a distant second in the corporate treasury race.
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