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

Publicly traded Ethereum treasury firm Sharplink added 10,000 ETH for around $16 million last week, marking its first acquisition since October. 

The firm now maintains holdings of 886,725 ETH worth $1.38 billion, as Ethereum changes hands around $1,562 on Tuesday. 

“Our capital allocation philosophy is disciplined and straightforward: Every financing decision we make is based on our long-term objective to increase ETH per share,” said Sharplink CEO Joseph Chalom in a statement. 

Last week, the firm completed a $75 million registered direct offering, raising funds that Chalom said “provided the capital to support our active ETH treasury management strategy.”

In addition to adding to its Ethereum stack, the firm also bought back more than 2.1 million shares of SBET, which it believes is “significantly undervalued.” Since creating its share buyback program last year, Sharplink has now bought back more than 4 million shares of SBET. 

Despite the announcement, shares of SBET are down around 3% on Tuesday shortly after market open, trading around $4.76. At that mark, shares have now fallen nearly 22% in the last month of trading and are 88% off SBET’s 52-week high of $40.46.

Sharplink’s primary treasury asset has suffered, too, with Ethereum falling 22% in the last month of trading. It’s now more than 68% off its August all-time high price of $4,946.

Nevertheless, Sharplink remains committed to ETH and its future. Last week, the firm joined with Ethereum treasury rival BitMine Immersion Technologies to help back the founding of Ethlabs, a new nonprofit research and development organization aimed at championing the network and its native asset. 

Last month, Sharplink also announced a $125 million fund built in collaboration with Galaxy Research as it seeks to gain access to on-chain yields. 

A representative for the firm did not immediately respond to Decrypt’s request for comment.