Sharplink, the second-largest corporate holder of ether, bought 5,000 ETH worth roughly $7.85 million on Thursday—its first inflow since October—even as it continues to sit on an estimated $1.8 billion unrealized loss.
Arkham data suggests the tokens were transferred from crypto brokerage FalconX, marking Sharplink’s first ether accumulation in about eight months.
The purchase is modest relative to its existing position and arrives at a difficult moment for the company. As of June 21, Sharplink held 876,285 ETH worth around $1.3 billion, making it the second-largest public ether treasury, behind Tom Lee’s Bitmine Immersion (BMNR), which held roughly 5.67 million ETH in mid-June.
On-chain analyst EmberCN estimates Sharplink’s average cost basis at about $3,609 per ETH, implying an unrealized loss of approximately $1.79 billion with ether trading near $1,555. Its prior purchase in October 2025—19,270 ETH for $78.3 million—is also currently deeply underwater.
The broader market backdrop remains weak, with ETH down about 5% over the past 24 hours amid a wider crypto selloff that pushed bitcoin below $59,000. During the downturn, Tether’s USDT briefly overtook ether in market capitalization, reaching roughly $186 billion compared with ether’s $185 billion.
Despite the drawdown, Sharplink has continued to expand its exposure to ether. The company, formerly SharpLink Gaming, rebranded in February as it moved beyond basic ETH staking into more advanced on-chain yield strategies.
It posted $12.1 million in revenue in the first quarter, up from $742,000 a year earlier.
Sharplink has also supported Ethlabs, a nonprofit founded by former Ethereum Foundation researchers aimed at preparing the network for institutional adoption, alongside Bitmine and Ethereum co-founder and Sharplink chairman Joe Lubin.
Still, the market has not rewarded the strategy. Sharplink’s Nasdaq-listed shares closed down 3.5% at $4.56 on Thursday and have fallen about 27% over the past month and roughly 50% over six months.
The company has not publicly confirmed the transfer, and CoinDesk has contacted it for comment.
