Sharplink has purchased 5,000 Ethereum (ETH), valued at roughly $7.85 million, marking its first acquisition since October 2025, according to onchain data from EmberCN. The transfer originated from FalconX and signals a return to accumulation after months of inactivity.
The company has not publicly confirmed the transaction.
Holdings remain large despite steep unrealized loss
Data shows Sharplink last added to its reserves in October, acquiring 19,270 ETH worth $78.3 million at the time. As of June 21, the firm held about 876,285 ETH, valued near $1.3 billion, with an average acquisition cost of $3,609 per coin. This leaves the company with an estimated unrealized loss of $1.79 billion.
Despite the drawdown, Sharplink remains the world’s second-largest public holder of Ethereum, behind Bitmine Immersion, which controlled 5.67 million ETH valued at $8.7 billion as of mid-June.
Strategy points to long-term positioning
The latest purchase comes as Sharplink continues to expand its Ethereum-focused strategy. The company recently secured around $75 million through a securities purchase agreement, with proceeds earmarked for further ETH accumulation and stock buybacks.
Formerly known as SharpLink Gaming, the firm rebranded earlier this year as it shifted beyond staking into broader onchain yield strategies. First-quarter earnings reached $12.1 million, up sharply from $742,000 a year earlier.
Sharplink has also supported the launch of Ethlabs, a nonprofit founded by former Ethereum Foundation researchers. Backed by Ethereum co-founder Joseph Lubin and Bitmine Immersion, the initiative focuses on improving network performance and scaling for wider institutional use.
Market signals caution as stablecoin demand rises
The accumulation comes amid a broader risk-off tone across crypto markets. Ethereum traded at $1,534 late Thursday, down 5% over 24 hours, while Bitcoin fell 3.3% to $58,787.
Tether’s USDT has climbed to a market capitalization of $186.1 billion, surpassing Ethereum’s $185.4 billion for the first time in years. The shift highlights growing demand for dollar-pegged assets as traders move toward perceived stability.
Stock declines reflect market pressure
Sharplink’s stock has continued to trend lower alongside the broader market downturn. Shares closed down 3.49% at $4.56, leaving the stock 26.8% lower over the past month and down 50.4% over six months.
The contrast between falling prices and continued accumulation by corporate treasuries underscores a widening gap between cautious market sentiment and long-term positioning by major Ethereum holders.
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