SharpLink, a Nasdaq-listed company, has resumed its aggressive Ethereum acquisition strategy. The firm purchased 5,000 ETH on June 26 through crypto brokerage FalconX, marking its first buy since October 2025.
This move reinforces SharpLink's position as a major corporate holder. The company now owns 876,285 ETH, making it the second-largest known corporate treasury behind only the Ethereum Foundation.
The acquisition follows an eight-month buying pause that had drawn market attention. SharpLink's average purchase price for its entire position is approximately $3,609 per ETH. With the asset trading below that level, the company is sitting on a significant unrealized loss.
Despite not purchasing new ETH, SharpLink generated over 22,000 ETH-worth about $34.6 million-through staking rewards during its hiatus. This yield provides a financial buffer for the company's treasury strategy.
SharpLink underwent a dramatic corporate pivot around mid-2025, shifting from a sports betting affiliate business to a focused Ethereum treasury vehicle. Key figures in this strategy include former BlackRock executive Joseph Chalom and Ethereum co-founder Joseph Lubin.
The company's entire valuation is now tied to the performance of a single asset. For investors, buying SharpLink shares offers leveraged exposure to Ethereum's price movements, compounded by the yield generated from staking.