SharpLink Purchases 39,196 ETH Worth $62.4 Million After Eight-Month Pause

SharpLink, Inc. has broken an eight-month silence on Ethereum accumulation, snapping up 39,196 ETH worth approximately $62.4 million over three consecutive days from June 25–27, 2026 — all while the token traded near its lowest levels of the year.

The Buys, Broken Down

According to Arkham on-chain records, SharpLink bought 5,000 ETH on Thursday, added another 5,000 ETH worth about $7.9 million on Friday, and then purchased 29,196 ETH worth approximately $46.7 million across three separate over-the-counter transactions on Saturday. The initial Thursday purchase — the firm’s first ETH acquisition since October 2025 — was executed through crypto prime broker FalconX, with on-chain data independently flagged by analyst EmberCN.

The timing was deliberate. ETH hit $1,537, its lowest price of 2026, down 5% in 24 hours during the period of the purchases. SharpLink’s previous buy came eight months prior — when the company acquired 19,270 ETH for $78.3 million in October 2025, a position that is also now deep underwater. The company declined to comment when contacted about the timing or rationale for resuming purchases.

SharpLink Purchased 39,196 ETH Worth $62.4 Million

Where SharpLink Stands Now

SharpLink currently holds 868,699 ETH worth approximately $1.51 billion, making it the second-largest public corporate Ethereum holder with 0.720% of the total supply. On-chain analyst EmberCN puts the firm’s average purchase price at about $3,609 per coin, implying an unrealized loss of roughly $1.79 billion with Ether trading near current levels. For every dollar deployed into ETH, SharpLink is currently sitting on around 44 cents of value.

Despite the paper losses, SharpLink has a meaningful differentiator over Bitcoin treasury peers. During the eight months it was not buying, the company generated approximately 22,102 ETH through staking rewards alone — roughly $34.6 million in ETH at current prices — earned by locking up tokens to help secure the Ethereum network. That staking yield offsets some carrying cost and positions ETH as a productive treasury asset rather than a purely speculative one.

SharpLink trails Bitmine Immersion significantly — Bitmine holds 5.67 million ETH worth $8.7 billion after purchasing another 52,203 ETH last week. Bitmine chairman Tom Lee commented that his firm is maintaining a steady pace of accumulation throughout 2026, describing the period as the early stages of a crypto spring.

Ethereum (ETH) Price Performance Today (Source: CoinMarketCap)

Leadership and Funding

SharpLink’s chairman is Joe Lubin, co-founder of Ethereum and founder of ConsenSys, while CEO Joseph Chalom is a former BlackRock executive. The company rebranded from SharpLink Gaming in February 2026 and reported $12.1 million in Q1 2026 revenue, sharply up from $742,000 in Q1 2025, reflecting its expansion from basic staking into broader on-chain yield strategies.

The fresh accumulation was funded in part by a capital raise completed just days earlier. On June 23, SharpLink closed a $75 million registered direct offering priced at $7.49 per share — a 41% premium to its June 18 closing price — with proceeds earmarked for expanding ETH holdings, share buybacks, and working capital. The company also issued warrants that could generate an additional $81.6 million if fully exercised.

Ethlabs and the Ecosystem Bet

The buying spree coincides with a broader institutional move SharpLink is making on Ethereum’s development infrastructure. On June 22, SharpLink joined Bitmine, Joe Lubin, Anchorage, Octant, and SNZ in launching Ethlabs — an independent nonprofit R&D organization founded by former senior Ethereum Foundation researchers to prepare Ethereum for large-scale institutional, AI, and DeFi adoption. Ethlabs will focus initially on faster settlement, stronger interoperability, and increased Ethereum mainnet capacity, publishing quarterly transparency reports and completing independent annual audits.

Russell Index Entry and Market Headwinds

The purchase timing also aligns with a significant equity milestone. SharpLink is being added to both the Russell 2000 and Russell 3000 indexes effective June 29, 2026, a development that could unlock passive fund inflows and broader institutional visibility. Approximately $12.2 trillion in assets are benchmarked against the Russell US Indexes. CEO Chalom has called the inclusion “a meaningful validation” of the company’s institutional-grade ETH treasury strategy.

Market conditions, however, remain unfavorable. ETH is down roughly 22.8% over the past month and nearly 50% year-to-date — a decline that briefly allowed Tether’s USDT to surpass Ether in market capitalization. U.S. spot Ether ETFs recorded their seventh consecutive week of net outflows, losing $12.9 million last week, with most withdrawals coming from BlackRock’s iShares Ethereum Trust. SBET itself is down 47.37% year-to-date on Nasdaq, trading well below its all-time high despite a 5.48% single-day bounce following the renewed buying news.

At an average cost of $3,609 per ETH, the token would need to more than double from current levels for SharpLink to break even. Whether this week’s purchases mark the start of a sustained new accumulation phase — or an aggressive dip-buy ahead of index inclusion — remains the central question for investors watching SBET.