Sharplink, the second-largest corporate holder of ether, purchased 5,000 ETH worth about $7.85 million on Thursday—its first inflow since October—despite sitting on an estimated $1.8 billion unrealized loss.
Arkham data indicates the tokens were transferred via crypto brokerage FalconX, marking Sharplink’s first ether accumulation in roughly eight months.
The buy is relatively small compared with its existing position and comes during a challenging period. As of June 21, Sharplink held 876,285 ETH valued at around $1.3 billion, making it the second-largest public ether treasury after Tom Lee’s Bitmine Immersion (BMNR), which held about 5.67 million ETH in mid-June.
On-chain analyst EmberCN estimates Sharplink’s average entry price at roughly $3,609 per ETH, implying a paper loss of around $1.79 billion with ether trading near $1,555. Its previous purchase in October 2025—19,270 ETH for $78.3 million—is also currently deep underwater.
Market conditions have remained weak, with ETH falling about 5% over 24 hours amid a broader crypto downturn that pushed bitcoin below $59,000. During the selloff, Tether’s USDT briefly overtook ether in market value, reaching about $186 billion versus ether’s $185 billion.
Despite the losses, Sharplink has continued to increase its exposure to ether. The company, formerly SharpLink Gaming, rebranded in February as it expanded from basic ETH staking into broader on-chain yield strategies.
It reported $12.1 million in first-quarter revenue, up from $742,000 a year earlier.
Sharplink has also backed Ethlabs, a nonprofit founded by former Ethereum Foundation researchers focused on preparing Ethereum for institutional adoption, alongside Bitmine and Ethereum co-founder and Sharplink chairman Joe Lubin.
However, investor sentiment has been less favorable. Sharplink’s Nasdaq-listed shares fell 3.5% to $4.56 on Thursday and are down roughly 27% over the past month and about 50% over six months.
The company has not confirmed the latest transfer, and CoinDesk has been contacted for comment.
