Sharplink Makes First Ether Purchase in Eight Months Amid Deep Unrealized Losses
Sharplink acquired 5,000 ETH worth $7.85 million from FalconX — its first ether purchase in eight months — even as the company carries an estimated $1.79 billion in unrealized losses on its existing holdings.
Ethereum-focused treasury company Sharplink (SBET) has quietly acquired 5,000 ETH valued at approximately $7.85 million — its first ether inflow since October 2025. The transaction, detected through Arkham blockchain data, shows the coins arriving from crypto brokerage FalconX. The company has yet to publicly acknowledge the transfer and declined to provide comment when approached by reporters.
The timing of the purchase raises eyebrows. Ether tumbled more than 5% within 24 hours as part of a broad market sell-off, dropping below the $1,560 mark while bitcoin simultaneously fell under $59,000. During the downturn, Tether's USDT briefly surpassed ether by total market capitalization — approximately $186 billion versus ether's $185 billion — highlighting just how turbulent conditions were when Sharplink decided to add to its position.
As of June 21, the company held 876,285 ETH, making it the second-largest publicly traded ether treasury in the world. Only Tom Lee's Bitmine Immersion (BMNR), which reportedly controlled around 5.67 million ether by mid-June, holds a larger stake among public companies. However, the numbers tell a painful financial story: onchain analyst EmberCN calculated Sharplink's average acquisition cost at roughly $3,609 per coin. With ETH trading near $1,555, the company is sitting on an estimated unrealized loss of approximately $1.79 billion.
Sharplink's previous ether purchase, made back in October 2025, saw the firm add 19,270 ETH for $78.3 million — a position that is now also deeply underwater.
Despite the challenging price environment, Sharplink has continued doubling down on its Ethereum strategy. The company rebranded from SharpLink Gaming in February and expanded its operations beyond basic ether staking into broader onchain yield strategies. Staking involves locking up tokens to help validate and secure the Ethereum network in exchange for rewards.
On the revenue front, Sharplink reported $12.1 million in first-quarter earnings — a dramatic leap from just $742,000 during the same quarter a year prior. The company has also extended its influence within the Ethereum ecosystem by backing Ethlabs, a nonprofit organization established by former Ethereum Foundation researchers focused on preparing the network for wider institutional adoption. Bitmine and Ethereum co-founder Joe Lubin, who also serves as Sharplink's chairman, are among the project's other backers.
Nevertheless, investors have not responded warmly to the company's conviction-driven approach. Sharplink shares closed Thursday's session down 3.5% at $4.56. Over the past month, the stock has shed approximately 27% of its value, and over the past six months, it has declined by roughly 50%.