Sharplink Buys 10,000 ETH as Ether Trades 68% Below Peak

Sharplink purchased 10,000 ETH for about $16 million last week, its first acquisition since October. The company now holds 886,725 ETH, a position valued at roughly $1.38 billion as Ether trades near $1,562, about 68% below its August peak of $4,946.

The purchase followed a $75 million registered direct offering completed last week. Sharplink said the proceeds funded its ETH treasury management activity. Chief Executive Joseph Chalom described the company’s capital allocation as focused on increasing ETH per share: “Our capital allocation philosophy is disciplined and straightforward: Every financing decision we make is based on our long-term objective to increase ETH per share.” He added the recent offering “provided the capital to support our active ETH treasury management strategy.”

Alongside the ETH purchase, Sharplink repurchased more than 2.1 million shares of its stock, SBET, bringing total buybacks under its program to more than 4 million shares. SBET traded around $4.76 on Tuesday, down about 3% at market open, roughly 22% lower over the past month and around 88% below its 52-week high of $40.46.

Ether’s price has declined about 22% over the past month and remains well under its record from August 2024. At the current price near $1,562 per ETH, Sharplink’s holding is worth approximately $1.38 billion on paper.

In the same week, another large ETH treasury holder added nearly $43 million in Ethereum, increasing a balance that now exceeds 5.7 million ETH and is valued at about $9 billion. That firm also holds about 206 Bitcoin, worth roughly $12.3 million. Several large Bitcoin treasury managers paused new BTC accumulation last week.

Sharplink announced a $125 million fund last month in partnership with Galaxy Research to access on-chain yields. Last week the company joined other treasury managers in backing the founding of Ethlabs, a nonprofit research and development organization focused on the Ethereum network and its native asset. A company spokesperson did not immediately respond to a request for comment on the latest purchase.