SharpLink doubles down on Ethereum as ETH heads for a rare quarterly slide
SharpLink has quietly increased its Ethereum war chest, buying 10,000 ETH at an average price of $1,611 apiece — about $16.1 million — even as Ether drifts toward a historically rare third straight quarterly decline.
The purchase, disclosed in a company press release, lifts SharpLink’s total Ethereum holdings to 886,725 ETH. The deal follows a $75 million capital raise completed via a registered stock offering, giving the firm fresh dry powder for crypto accumulation.
Share buybacks and index inclusion
Alongside the ETH buy, SharpLink has been active on the corporate side: the company repurchased more than 2.13 million shares of its common stock (ticker: SBET) at an average price of $4.69 per share, bringing total buybacks since August 2025 to over 4.07 million shares. Despite the repurchases, SBET was trading around $4.72 at the time of writing, down roughly 4% on the day.
SharpLink also recently joined the Russell 2000 and Russell 3000 indexes, boosting its profile in U.S. equity benchmarks even as it piles into digital-asset reserves.
Other listed treasuries keep buying
SharpLink isn’t alone. Ethereum-focused treasury firm Bitmine added 27,084 ETH over the past week, lifting its hoard to more than 5.7 million ETH — roughly 4.7% of Ethereum’s estimated circulating supply (about 120.7 million ETH). Bitmine has previously signaled a target of holding 5% of the network’s supply.
Why large treasuries matter
Analysts and reporters have flagged the macro effects of publicly listed firms accumulating sizeable Ethereum positions. Sustained buying can tighten the amount of ETH available for trading, potentially supporting price. But concentrated ownership also raises governance and liquidity risks if companies later need to raise cash through debt, equity issuance, or asset sales in weak markets.
Market context: ETH on the defensive
Ether itself has struggled to find momentum. At the time of writing ETH was near $1,560, down about 1% on the day and roughly 25% for the quarter. If prices hold, Ethereum is on track for its third consecutive quarterly loss — a streak the asset has not seen before.
Technical outlook
Some traders view the weakness as a test rather than a breakdown. Crypto analyst Ted Pillows says support around $1,500 is key: if ETH holds that level, a relief rally could arrive next month; if it fails, downside toward $1,400 or lower becomes more likely. In short, short-term price direction may hinge on whether buyers keep defending the current support zone even as treasuries keep accumulating.
Bottom line: SharpLink’s latest buy underscores continuing institutional appetite for Ethereum even amid a soft patch for the token. The moves tighten supply on one hand but also concentrate holdings, adding a layer of market risk if conditions worsen.
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