SharpLink has purchased another 10,000 ETH, bringing its total Ethereum holdings to 886,725 ETH as the company continues to position itself as one of the largest public corporate treasuries built around the asset.
The company said it acquired the latest batch of Ether at an average price of approximately $1,611 per ETH during the week ended June 28. The purchase was disclosed alongside a $75 million registered direct offering of common stock and warrants, as well as the repurchase of 2,132,773 shares of common stock. SharpLink said it has now repurchased 4,071,223 shares since launching its buyback program in August 2025.
The latest acquisition follows a renewed buying period after SharpLink had paused major ETH accumulation for several months. Earlier market coverage said the company held 876,285 ETH as of June 21, making it the second-largest public Ethereum treasury company behind BitMine Immersion Technologies. BitMine, chaired by Tom Lee, has built a significantly larger Ether position and remains the market leader among public ETH treasury firms.
SharpLink’s strategy has made it one of the most visible examples of a company using public equity-market access to accumulate Ethereum. The firm, originally tied to the sports betting and affiliate-marketing sector, pivoted into an Ethereum treasury model in 2025, with Consensys founder Joseph Lubin becoming chairman. Since then, its valuation has become closely linked to ETH price performance, staking economics and investor appetite for public-market exposure to Ethereum.
Treasury Strategy Meets Market Stress
The timing of the latest purchase is important because Ether has been trading under pressure. ETH recently fell toward its weakest levels of 2026, with broader crypto markets hit by Bitcoin weakness, ETF outflows and reduced risk appetite. Buying 10,000 ETH during that drawdown signals that SharpLink is continuing to average into its treasury despite unrealized losses on earlier purchases.
That approach resembles the Bitcoin treasury model pioneered by Strategy, but with important differences. Ethereum is not only a monetary asset; it is also the settlement layer for stablecoins, decentralized finance, tokenized assets and staking. SharpLink’s thesis depends on ETH becoming a productive treasury asset, not merely a passive reserve holding.
Staking is central to that argument. By holding and staking ETH or liquid-staked equivalents, treasury companies may generate yield that accrues to shareholders. SharpLink has previously emphasized staking rewards as part of its strategy, positioning ETH as a balance-sheet asset that can produce on-chain income while maintaining exposure to Ethereum’s long-term adoption.
Capital Raises and Buybacks Shape Investor View
SharpLink’s simultaneous capital raise and share repurchase program show how complex crypto treasury models have become. The company raised fresh capital partly to expand its ETH holdings, while also buying back shares to manage dilution and signal confidence in its equity valuation.
For shareholders, the key question is whether new ETH purchases increase per-share exposure to Ethereum or simply add balance-sheet risk during a weak market. That depends on issuance terms, share count, ETH acquisition cost, staking yield and the discount or premium at which SharpLink trades relative to the value of its crypto holdings.
The broader market impact is that Ethereum treasury companies are becoming a distinct category of crypto equity. They offer investors indirect ETH exposure through public markets, but also introduce corporate-finance risk, dilution risk, management discretion and equity-market volatility.
SharpLink’s latest 10,000 ETH purchase reinforces its commitment to the model. It also raises the stakes. If Ethereum recovers, the company’s large holdings could amplify shareholder upside. If ETH continues to weaken, treasury concentration could pressure both net asset value and market confidence. For now, SharpLink remains one of the clearest public-market tests of whether Ethereum can support the same corporate treasury narrative that Bitcoin built over the past several years.
