Sharplink (SBET) appears to have received 5,000 ETH on Thursday, worth about $7.85 million at the time, marking its first ether inflow in eight months. Arkham data showed the coins arriving from crypto brokerage FalconX. The company has not publicly confirmed the transfer and declined to comment when asked by CoinDesk.
A modest purchase next to an already massive treasury
The new inflow is small compared with Sharplink’s existing position. As of June 21, the company held 876,285 ETH valued at roughly $1.3 billion, making it the second-largest public company holding ether in treasury. Only Tom Lee’s Bitmine Immersion (BMNR) ranked ahead, with about 5.67 million ETH in mid-June.
Onchain analyst EmberCN estimated Sharplink’s average acquisition price at about $3,609 per ETH. With ether trading near $1,555, that points to an unrealized loss of around $1.79 billion. The company’s previous purchase was in October 2025, when it added 19,270 ETH for $78.3 million, a position that is also deeply underwater at current prices.
ETH slides below $1,560 as the broader market sells off
The latest buy landed during a sharp market decline. Over the past 24 hours, ETH fell 5% and dropped below $1,560, while bitcoin slipped under $59,000. During the sell-off, Tether’s USDT briefly moved ahead of ether by market capitalization, at about $186 billion versus $185 billion for ETH.
Company keeps leaning into ether-based strategies
Sharplink has been pushing deeper into the Ethereum ecosystem even as the token price has fallen. In February, the company rebranded from SharpLink Gaming and expanded beyond basic ETH staking into other onchain yield strategies. Its first-quarter revenue came in at $12.1 million, up from $742,000 a year earlier.
The company also recently backed Ethlabs, a nonprofit founded by former Ethereum Foundation researchers. The group is working to prepare the network for broader institutional use. Bitmine and Ethereum co-founder, as well as Sharplink chairman, Joe Lubin were also involved in backing the effort.
Stock performance remains weak
That commitment has not been rewarded in the equity market. Sharplink’s Nasdaq-listed shares closed down 3.5% at $4.56 on Thursday. The stock is down about 27% over the past month and roughly 50% over the last six months.