SharpLink has bought Ether for the first time in eight months as ETH traded near its lowest level of 2026.
Summary
- SharpLink resumed ETH buying after eight months, despite Ether trading near its lowest 2026 level.
- Its 876,285 ETH balance leaves the company exposed to large unrealized losses on paper.
- Russell index inclusion could widen SBET ownership as treasury investors track Ethereum exposure more closely.
The latest move suggests the company may be restarting active accumulation after months of relying mainly on its existing treasury and staking rewards.
According to Lookonchain, a wallet linked to SharpLink received 5,000 ETH, worth about $7.85m, from FalconX. The on-chain tracker said SharpLink last received ETH from FalconX in October, when it bought about $78.3m worth of the token.
Treasury loss grows with ETH weakness
The purchase came as Ether fell to about $1,537 on Thursday, its lowest price this year. At the time of writing, Arkham’s SharpLink dashboard showed the company as one of the largest corporate holders of Ethereum-linked assets.
Lookonchain said SharpLink now holds 876,285 ETH, worth about $1.4b at current prices. The tracker also said the total includes 22,102 ETH earned from staking. Its average purchase price stands near $3,609, leaving the company with an unrealized loss of about $1.71b.
Russell entry may broaden ownership
The ETH purchase also comes before SharpLink’s expected entry into the Russell 2000 and Russell 3000 indexes. In a May announcement, the company said the index additions would take effect on June 29, after the latest FTSE Russell reconstitution.
SharpLink CEO Joseph Chalom said the inclusion is “a meaningful validation” of the company’s ETH treasury strategy. He also said it could broaden SBET’s shareholder base and improve access to capital markets. Index inclusion does not remove market risk, but it can place the stock in more passive and active portfolios.
Ethereum catalysts remain mixed
Chalom previously named three possible catalysts for ETH: clearer U.S. crypto rules, a return of risk appetite and growth in tokenized real-world assets. The regulatory track remains active, with the CLARITY Act still moving through Congress. Risk appetite is less clear, as ETH and other crypto assets continue to trade under pressure.
Tokenization has continued to grow. Data from RWA.xyz shows tokenized real-world assets near yearly highs, with distributed asset value above $31b. That supports Chalom’s view that Ethereum could benefit from more financial assets moving on-chain.
As previously reported, Ethereum recently held near $1,600 as whales bought the dip. ETF outflows and weak open interest kept ETH under pressure, showing the market remains split between accumulation and caution.
SharpLink is also no longer the largest public ETH treasury company. As crypto.news reported, BitMine bought another $90m in ETH and moved closer to its 5% ETH supply target. In a previous article, crypto.news discussed Ethereum research group Ethlabs, which has support from Joe Lubin, BitMine and SharpLink.
SharpLink’s latest buy places the company back in the market while ETH trades at weak levels. The key test is whether the purchase marks a new accumulation phase or a single treasury move before index entry.
