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SharpLink, the Nasdaq-listed company that has quietly built one of the largest corporate Ethereum treasuries in existence, started buying again on June 26. The firm scooped up 5,000 ETH worth approximately $7.85 million through crypto brokerage FalconX, its first purchase since October 2025.
That eight-month silence had started to raise eyebrows. Now, with total holdings sitting at 876,285 ETH, SharpLink trails only the Ethereum Foundation itself among corporate holders. For a company nursing an unrealized loss north of $1.7 billion, the decision to resume buying says something about conviction, or at least about the strategy they’re committed to riding out.
The numbers behind the buy
On-chain analysts at EmberCN and Arkham Intelligence confirmed the transaction independently. The 5,000 ETH acquisition is modest by SharpLink’s historical standards, but the signal matters more than the size.
SharpLink’s last purchase came in October 2025, when it acquired roughly 19,270 ETH. Before that, the company had executed far larger capital-raise-funded buys, including transactions exceeding 100,000 ETH during 2025 alone.
The company’s average purchase price across its entire position lands around $3,609 per ETH. With Ether trading well below that level, the math is uncomfortable: SharpLink’s unrealized loss sits somewhere between $1.71 billion and $1.8 billion.
During the eight months it wasn’t buying, SharpLink generated approximately 22,102 ETH through staking rewards alone. That’s roughly $34.6 million in ETH at current prices, earned simply by locking up tokens to help secure the Ethereum network.
From gaming affiliate to Ethereum whale
SharpLink’s journey to becoming crypto’s second-largest corporate ETH holder is one of the more dramatic pivots in recent market history. The company, which trades under the ticker SBET, originally operated as a sports betting and gaming affiliate business. Around mid-2025, it shifted its entire corporate identity toward Ethereum treasury accumulation.
The leadership roster tells you this wasn’t a casual decision. Joseph Chalom, a former BlackRock executive, sits in a key role. Ethereum co-founder Joseph Lubin is also involved.
SharpLink has funded its accumulation through equity issuances and institutional partnerships, including a notable relationship with Galaxy. The company has also emphasized transparency, publishing detailed dashboards of its holdings.
What this means for investors
For ETH holders and traders, SharpLink has financial incentive to support Ethereum’s value through continued accumulation and staking. Every ETH it stakes generates more ETH, compounding its position regardless of price action.
SharpLink’s entire corporate value proposition is tied to a single asset. Investors buying SBET shares aren’t getting diversified crypto exposure. They’re getting levered ETH exposure with a corporate wrapper.
The staking yield component does provide a buffer that pure Bitcoin treasury companies don’t have. SharpLink’s 22,102 ETH in staking rewards during its buying pause demonstrates that the treasury generates income even when the company isn’t actively deploying capital.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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