SharpLink Buys $62.4M in Ethereum After Ending Eight-Month Pause

TLDR

• SharpLink bought 39,196 ETH worth about $62.4 million across three days of renewed accumulation.
• The company resumed direct Ether buying after an eight-month pause that started in October.
• Lookonchain estimated SharpLink’s ETH treasury had about $1.71 billion in unrealized losses.
• SharpLink backed Ethlabs with BitMine and Joe Lubin to support Ethereum institutional adoption.
• Ethereum remains under pressure as U.S. spot Ethereum ETFs posted a seventh outflow week.

SharpLink has resumed active Ether accumulation after an eight-month buying pause, adding 39,196 ETH worth about $62.4 million over three days as Ethereum traded near 2026 lows.

On-chain data from Arkham showed that SharpLink bought 5,000 ETH on Thursday, followed by another 5,000 ETH worth about $7.9 million on Friday. The company then added 29,196 ETH worth about $46.7 million through three over-the-counter transactions on Saturday.

The latest purchases show that SharpLink has returned to the market after relying mainly on its existing Ether holdings and staking rewards for several months. The company declined to comment on the timing or reason for the first purchase when contacted last week.

SharpLink Restarts Ether Buying Campaign

SharpLink’s renewed buying began after a wallet linked to the company received 5,000 ETH from FalconX on Thursday. That transaction ended a direct Ether buying pause that had lasted since October.

Lookonchain data showed that SharpLink held 876,285 ETH after Thursday’s purchase, including 22,102 ETH earned through staking. The firm’s average acquisition price was estimated at about $3,609 per ETH.

That average purchase price remains far above the current market price. Lookonchain estimated that SharpLink’s Ether treasury carried about $1.71 billion in unrealized losses as ETH stayed under pressure.

The company has not said whether the latest purchases were part of a planned treasury expansion or an opportunistic buy during the market decline. The buying activity still marks a clear change from the company’s recent pause in direct ETH accumulation.

SharpLink Backs Ethlabs With BitMine and Joe Lubin

SharpLink’s purchases came in the same week that it backed Ethlabs, a new research and development nonprofit focused on preparing Ethereum for broader institutional use.

The company joined BitMine, Ethereum co-founder and SharpLink chairman Joe Lubin, and other Ethereum contributors in supporting the group. SharpLink said Ethlabs was formed to make Ethereum ready for the next phase of institutional adoption.

SharpLink said, “as stablecoins, tokenized real-world assets, funds and autonomous AI commerce move on-chain,” those activities are converging on Ethereum as a settlement layer. The company said Ethlabs exists to help the network absorb that demand at scale.

The statement places SharpLink’s treasury strategy alongside its support for Ethereum infrastructure work. It also comes as several public companies and asset managers continue to position Ethereum as a base layer for stablecoins, tokenized funds, and on-chain financial activity.

Ethereum Price Weakness Continues

SharpLink’s renewed accumulation came during a difficult period for Ether. Market data cited in the report showed ETH was down 22.8% over the past month and nearly 50% since the start of the year.

The decline briefly allowed Tether’s USDt stablecoin to pass Ether by market capitalization last week. That move drew attention because Ethereum has usually ranked as the second-largest crypto asset behind Bitcoin.

Analyst Ali Charts said large holders sold about 550,000 ETH worth roughly $880 million over one week. He said the selling pushed ETH below immediate support near $1,633 and placed focus on the $1,583 volume support area.

Source: X

Another market analyst, Ted, said ETH was trading in a support zone. He said reclaiming $1,750 could support a rally, while losing $1,500 could lead to capitulation.

ETF Outflows Add to Market Pressure

Institutional demand through U.S. spot Ethereum ETFs also remained weak. Data cited by Wu Blockchain showed spot Ethereum ETFs recorded $273 million in net outflows from June 22 to June 26.

Source: X

That extended the Ethereum ETF outflow streak to seven consecutive weeks. Earlier reports also showed $12.9 million in net outflows last week, with most withdrawals coming from BlackRock’s iShares Ethereum Trust.

SharpLink’s buying also comes before its expected inclusion in the Russell 2000 and Russell 3000 indexes after the latest FTSE Russell reconstitution. CEO Joseph Chalom previously said those additions could expand the company’s shareholder base and improve capital market access.

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