Sharplink Buys 10,000 ETH at $1,611 as ETH Heads for a Third Red Quarter

Sharplink paid an average of $1,611 per token for 10,000 ETH in a single transaction disclosed on June 30, lifting its corporate treasury to 886,725 ETH, a fresh high for the company, even as Ether itself is on track to close its first-ever third consecutive losing quarter.

The Miami-based buyer (Nasdaq: SBET) reported the purchase in a press release tied to a same-morning release that also disclosed a stock buyback of more than 2.1 million shares and a fresh $75 million capital raise. The combined picture is a company stacking ETH through a brutal stretch for the asset it is built around.

Sharplink Pays $1,611 per ETH in 10,000-Token Buy

Sharplink said it acquired 10,000 ETH at an average price of $1,611 per ETH in a window running from June 24 through June 26, according to a June 30 Form 8-K. The aggregate price tag, fees included, came to about $16.1 million.

The transaction lifted the company’s total ETH holdings to 886,725 as of June 28, split between 632,719 native ETH, 181,299 ETH as-if redeemed from LsETH and 72,707 ETH as-if redeemed from weETH. The filing says substantially all of the ETH holdings were deployed in staking at the time of the disclosure.

It also marked Sharplink’s first publicly announced ether purchase in eight months, per reporting that compiled the recent absence of official acquisitions. The buying pause ended quietly while the price did most of the work.

The $75 Million Deal Closed at a 41% Premium

Sharplink priced the $75 million raise as a registered direct offering of common stock and warrants on June 22, with shares and warrants sold together at $7.49 per unit, a 41% premium to the company’s $5.29 closing price on June 18, 2026. The deal closed on or about June 23, 2026, and Sharplink said at pricing that the unit price was also above the net asset value of its ETH holdings reported as of June 16, 2026, when the company held 875,776 ETH. Full details on the offering were laid out in a June 22 release.

Sharplink said it intends to use the proceeds for working capital and general corporate purposes, including additional ETH accumulation and stock repurchases under its 2025 buyback program.

Ethereum Itself Is Closing a Historic Third Red Quarter

The Sharplink disclosure lands against an Ethereum chart that has not seen three straight losing quarters before. According to data from Coinglass cited by CryptoRank, Ether fell 28.28% in the fourth quarter of 2025 and 29.26% in the first quarter of 2026, with the asset down 18.39% in the second quarter of 2026 at the time of that report. A third straight negative quarter has no precedent in the asset’s history.

Sharplink’s $1,611 average buy is well below the price points implied by earlier raises, when ETH traded materially higher. Sharplink is buying the dip with proceeds raised at a premium to its stock, which itself trades near multi-month lows.

The macro picture has stayed heavy. The CryptoRank summary points to persistent selling pressure, weaker DEX and CEX liquidity, and a thinner DeFi activity base even after Ethereum’s transition to proof-of-stake. Investors have rotated toward other emerging sectors, and the cumulative result is the first three-quarter losing streak on record.

For Sharplink, that backdrop is the entire point of the exercise. The company was built to absorb exactly this kind of cycle.

Sharplink’s Pitch: Stack Through the Slump

Sharplink frames the purchases as long-term accumulation rather than a trade. The press release says the company views ETH as a long-term reserve asset, and CEO Joseph Chalom tied the latest raise and buy directly to a per-share accumulation target.

The successful completion of our $75 million registered direct offering last week has strengthened our balance sheet and provided the capital to support our active ETH treasury management strategy. 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.

That quote, from the June 30 release, sits alongside an explicit statement that management believes its common stock is significantly undervalued. Sharplink is buying its own equity and the underlying asset at the same time.

The company was founded in 2019 and is headquartered in Miami. Its pitch to public investors is that an actively managed corporate treasury can compound ETH exposure more efficiently than holding the token directly, by issuing equity above NAV and recycling proceeds into more ETH or into share repurchases when its own stock trades cheaply.

Buybacks, Russell Inclusion, and a Beaten Stock

Sharplink bought back 2,132,773 shares of SBET at an average of $4.69 per share between June 24 and June 26, lifting total repurchases under its August 2025 program to 4,071,223 shares. The board approved the original $1.5 billion repurchase authorization on August 21, 2025.

The stock closed at $4.92 on Monday, then slipped to $4.78 in early trading on Tuesday, per The Block’s price page. Sharplink’s mid-week trading put the buyback price close to the prevailing tape.

That buyback is now layered on top of a recent addition to the Russell 2000 and Russell 3000 indexes, which took effect at the open of U.S. markets on June 29. The inclusion story and the broader treasury accumulation are covered in more depth in this site’s earlier piece on the Russell addition.

Sharplink Is Not the Only ETH Treasury Still Buying

Sharplink’s purchase fits a broader pattern among the largest corporate ETH holders. BitMine Immersion, the largest Ethereum treasury company by holdings, has continued to add tokens through the slump, with company leadership publicly framing the pullback as a buying opportunity even as its own equity has come under pressure. The strategy and its fallout are laid out in this site’s recent read on BitMine’s accumulation.

• Sharplink: bought 10,000 ETH at $1,611 average on June 24 to 26, lifting holdings to 886,725 ETH
• Sharplink: repurchased 2,132,773 shares at $4.69 average over the same window, its third buyback since August 2025
• BitMine: continued to accumulate ETH through the slump, and now holds the largest corporate ETH treasury in the world

The convergence is the story. Multiple treasuries are still buying at the same time the underlying asset is on pace for an unprecedented third straight losing quarter, and the wager is that the cycle ends with ETH held per share up, not the stock.