Sharplink Restarts ETH Accumulation, Ending Months-Long Buying Freeze

Sharplink, the second-largest corporate holder of ether, bought 5,000 ETH worth roughly $7.85 million on Thursday, marking its first inflow since October, even as it sits on an estimated $1.8 billion unrealized loss.

Arkham data shows the tokens were transferred from crypto brokerage FalconX, signaling Sharplink’s first ether accumulation in about eight months.

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

On-chain analyst EmberCN estimates Sharplink’s average cost basis at about $3,609 per ETH, implying an unrealized loss of approximately $1.79 billion with ether trading near $1,555. Its prior purchase in October 2025—19,270 ETH for $78.3 million—also remains deeply underwater.

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

Despite the drawdown, Sharplink has continued expanding its ether exposure. The company, formerly SharpLink Gaming, rebranded in February as it shifted from basic ETH staking into broader on-chain yield strategies.

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

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

However, sentiment in the market has been less supportive. 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 confirmed the transfer, and CoinDesk has been contacted for comment.