Sharplink Buys Ethereum for First Time in 2026—With ETH Down 68% From Peak

Logan Hitchcock

Tue, June 30, 2026 astatine 10:54 AM CDT 2 min read

Publicly traded Ethereum treasury steadfast Sharplink added 10,000 ETH for astir $16 cardinal past week, marking its archetypal acquisition since October. 

The steadfast present maintains holdings of 886,725 ETH worthy $1.38 billion, arsenic Ethereum changes hands astir $1,562 connected Tuesday. 

"Our superior allocation doctrine is disciplined and straightforward: Every financing determination we marque is based connected our semipermanent nonsubjective to summation ETH per share," said Sharplink CEO Joseph Chalom successful a statement. 

Last week, the steadfast completed a $75 cardinal registered nonstop offering, raising funds that Chalom said "provided the superior to enactment our progressive ETH treasury absorption strategy."

In summation to adding to its Ethereum stack, the steadfast besides bought backmost much than 2.1 cardinal shares of SBET, which it believes is "significantly undervalued." Since creating its stock buyback programme past year, Sharplink has present bought backmost much than 4 cardinal shares of SBET. 

Despite the announcement, shares of SBET are down astir 3% connected Tuesday soon aft marketplace open, trading astir $4.76. At that mark, shares person present fallen astir 22% successful the past period of trading and are 88% disconnected SBET's 52-week precocious of $40.46.

Sharplink's superior treasury plus has suffered, too, with Ethereum falling 22% successful the past period of trading. It's present much than 68% disconnected its August all-time precocious terms of $4,946.

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Nevertheless, Sharplink remains committed to ETH and its future. Last week, the steadfast joined with Ethereum treasury rival BitMine Immersion Technologies to assistance backmost the founding of Ethlabs, a caller nonprofit probe and improvement enactment aimed astatine championing the web and its autochthonal asset. 

Last month, Sharplink besides announced a $125 cardinal money built successful collaboration with Galaxy Research arsenic it seeks to summation entree to on-chain yields. 

A typical for the steadfast did not instantly respond to Decrypt's request for comment.