Sharplink Resumes Ether Buying After Eight-Month Pause

Sharplink, the second-largest corporate holder of ether, acquired 5,000 ETH worth approximately $7.85 million on Thursday—its first recorded inflow since October—even as it continues to sit on an estimated $1.8 billion paper loss.

According to Arkham data, the purchase appears to have originated from crypto brokerage FalconX and marks Sharplink’s first ether accumulation in eight months.

The buy is relatively small compared to the firm’s existing holdings and comes at a challenging time. As of June 21, Sharplink held 876,285 ETH valued at roughly $1.3 billion, ranking it as the second-largest public ether treasury company, behind Tom Lee’s Bitmine Immersion (BMNR), which held about 5.67 million ETH in mid-June.

On-chain analyst EmberCN estimates Sharplink’s average entry price at around $3,609 per ETH, implying an unrealized loss of approximately $1.79 billion with ether trading near $1,555. The company’s previous purchase in October 2025—19,270 ETH worth $78.3 million—is also currently deeply underwater.

Broader market conditions have been weak, with ETH falling 5% in the past 24 hours amid a wider crypto selloff that pushed bitcoin below $59,000. During the downturn, Tether’s USDT briefly surpassed ether in market capitalization, reaching about $186 billion versus ether’s $185 billion.

Despite the price decline, Sharplink has continued to deepen its exposure to ether. The company, formerly known as SharpLink Gaming, rebranded in February as it expanded beyond basic ETH staking into broader on-chain yield strategies.

It reported $12.1 million in revenue in the first quarter, up sharply from $742,000 a year earlier.

Sharplink has also supported Ethlabs, a nonprofit founded by former Ethereum Foundation researchers aimed at preparing the network for greater institutional adoption, alongside Bitmine and Ethereum co-founder and Sharplink chairman Joe Lubin.

However, the market has not reflected this conviction. Sharplink’s Nasdaq-listed shares fell 3.5% to $4.56 on Thursday and are down roughly 27% over the past month and about 50% over six months.

The company has not publicly confirmed the latest transfer, and CoinDesk has reached out for comment.