Sharplink accumulated 39,196 ETH over a three-day stretch, with the total value reaching about $62.4 million. Data cited from Arkham shows the company bought 5,000 ETH on Thursday, another 5,000 ETH on Friday, and then made its biggest move on Saturday with three over-the-counter trades totaling 29,196 ETH.
Saturday OTC deals drove the bulk of the buying
The pace of accumulation accelerated sharply by the end of the period. Thursday’s 5,000 ETH purchase came with no disclosed value. Friday’s 5,000 ETH purchase was valued at $7.9 million. On Saturday, Sharplink completed three OTC transactions for 29,196 ETH, worth $46.7 million. That brought the three-day total to 39,196 ETH.
OTC trading refers to direct transactions between counterparties, or trades arranged through an intermediary, away from the public order books of major exchanges. Large crypto buyers often use this route to limit immediate price disruption when moving size.
Competition with Bitmine remains in focus
Sharplink has been known for holding digital assets on its balance sheet, and the report describes the company as one of the leading contenders in the race to build the largest ETH treasury. Its latest purchases point to a renewed push in that strategy as it competes closely with Bitmine.
The company did not provide a public explanation for the sudden wave of Ether buying. After an initial outreach on Thursday, Sharplink declined to comment on the timing of the purchases or the reasons behind them.
Buying activity coincided with Ethlabs announcement
The accumulation happened in the same week that Ethlabs was introduced, a new nonprofit research and development initiative focused on expanding enterprise adoption of Ethereum. Both Sharplink and Bitmine said they were involved with the effort.
Sharplink said it would work on the initiative with Bitmine, Ethereum co-founder Joe Lubin, and other contributors from across the ecosystem. The company’s stated view is that as stablecoins, tokenized real-world assets, funds, and autonomous AI trading move on-chain in greater volume, demand is clustering around Ethereum as a neutral and permissionless settlement layer. Ethlabs, according to that statement, was created to help scale the network for that demand.
Accumulation came during price weakness and ETF outflows
Sharplink’s return to ETH buying arrived during a period of heavy pressure on Ether. The source article says ETH has fallen 22.8% over the last month and now trades roughly 50% below its level at the start of the year. During that downturn, Tether’s USDt briefly moved above Ether in market capitalization last week.
US spot Ether ETFs were also still seeing money leave the category. Net outflows last week totaled $12.9 million, with the largest redemptions tied to BlackRock’s iShares Ethereum Trust. Against that backdrop, Sharplink’s three-day purchase streak stood out as a sizable accumulation move.