Sharplink Buys $62.4M of Ether in Three Days

Sharplink purchased $62.4 million of Ether over three days after an eight-month pause. Arkham onchain data shows the firm bought 5,000 ETH on Thursday, 5,000 ETH on Friday and 29,196 ETH on Saturday.

The Friday purchase was valued at about $7.9 million. The larger Saturday trades, executed over the counter, totaled roughly $46.7 million and were split across three over-the-counter transactions, according to Arkham’s data.

These were Sharplink’s first publicly visible Ether purchases after about eight months without additions to its Ether holdings. The company declined to comment when first contacted about the buys.

Sharplink was previously a close competitor to Bitmine for the title of the largest institutional ETH treasury. The Saturday allocations were executed OTC, a method used by institutional holders to limit market impact while building positions.

The purchases coincided with Sharplink joining other backers of a new nonprofit, Ethlabs. Sharplink described Ethlabs as an organization formed to ready Ethereum for broader institutional adoption and added it will work to ensure the network can handle growing on-chain demand from stablecoins, tokenized real-world assets, institutional funds and AI-driven commerce. Bitmine and Ethereum co-founder Joe Lubin are also listed as backers.

Market data provides context for the timing. Ether has fallen about 22.8% over the past month and is nearly 50% lower compared with the start of the year. The Tether stablecoin (USDT) briefly surpassed Ether in market capitalization last week. U.S. spot Ether exchange-traded funds recorded $12.9 million in net outflows in the most recent week, with notable redemptions from BlackRock’s iShares Ethereum Trust (ETHA).

Ethlabs did not disclose a detailed roadmap, funding commitments or specific technical projects in its announcement. Sharplink has not provided further comment beyond its public remarks about Ethlabs.