SharpLink (SBET) has resumed its Ethereum accumulation strategy after a months-long pause, purchasing 10,000 ETH last week at an average price of $1,611 per token. The acquisition brings the company’s total holdings to 886,725 ETH, valued at approximately $1.4 billion based on current market prices. The move follows a $75 million registered direct offering that strengthened SharpLink’s balance sheet and signaled renewed confidence in digital asset treasury management.
SharpLink Restarts Ethereum Buying
The Florida-based company made its first Ethereum purchase since October, adding 10,000 ETH at an average of $1,611 each. SharpLink now holds 886,725 ETH, with its treasury valued at roughly $1.4 billion. The purchase was funded by a $75 million direct offering, which CEO Joseph Chalom said was designed to support the company’s active Ethereum treasury strategy and increase Ethereum per share over the long term.
SharpLink also repurchased more than 2.13 million common shares last week at an average price of $4.69 per share, reflecting its belief that the stock is significantly undervalued. Since launching its buyback program in August, the company has repurchased over four million shares. Despite these moves, SharpLink shares closed Tuesday at $4.80, down 2.44% for the session and still 88% below its 52-week high of $40.46, a decline tied to Ethereum’s broader market weakness.
Ethereum Faces Market Pressure
Ethereum has posted three consecutive quarterly losses, declining 25.4% in Q2 2026 after drops of 29.2% in Q1 2026 and 28.2% in Q4 2025, according to Coinglass. Over the past 24 hours, $58.5 million in Ethereum liquidations occurred, with long positions accounting for $41.3 million. Technical indicators show Ethereum trading below its 20-day, 50-day, and 100-day exponential moving averages at $1,669, $1,824, and $2,002, respectively. The asset remains below a descending trendline near $1,617, with the Relative Strength Index at 34 (just above oversold territory) and the Stochastic Oscillator near 21.
Analysts identify immediate resistance at $1,611 and $1,617, with higher levels at $1,669, $1,741, $1,806, $1,824, $1,909, and $2,002. Support stands at $1,524 and $1,404, with a deeper decline potentially exposing the key support near $1,155.
Treasury Strategy Extends Beyond Holdings
SharpLink recently joined Chairman Joe Lubin and BitMine to fund the launch of Ethlabs, a nonprofit focused on Ethereum research and development. The company initiated its Ethereum treasury strategy in May 2025, shifting toward ETH accumulation when prices were slightly below current levels. While SharpLink has not disclosed any staking activity, institutional staking demand is growing across proof-of-stake networks, and the company could eventually expand beyond passive holdings.
Regulatory uncertainty remains a factor for public companies with crypto treasuries. U.S. securities laws require careful classification of digital assets, and future SEC guidance could impact how firms account for holdings and manage treasury positions.
What’s Next?
SharpLink’s renewed Ethereum buying, combined with its share buyback program and participation in Ethlabs, highlights its commitment to a crypto-focused treasury strategy. As Ethereum navigates a prolonged downturn, the company’s moves may influence how other public corporations approach digital asset accumulation.
