SharpLink reopened a wallet that had been inactive for eight months on a day when Ethereum fell to its lowest level of 2026, placing a 5,000 ETH order in the market. Here are the details…
SharpLink opens its wallet for Ethereum
SharpLink made its first Ethereum purchase since October 2025. According to information shared by onchain analytics platform EmberCN, based on Arkham data, the company received a transfer of 5,000 ETH from FalconX on Thursday. The transaction was worth around $7.85 million at the time.
The purchase came on the same day ETH fell to its lowest level of 2026; Ethereum dropped as low as $1,537 on Thursday. SharpLink’s previous purchase through FalconX took place in October 2025, when the company paid $78.3 million for 19,270 ETH.
According to data on the company’s website, SharpLink held 876,285 ETH as of June 21, which was worth roughly $1.3 billion at the time. Based on EmberCN’s calculations, the company’s average purchase price stands at $3,609 per ETH. Compared with today’s prices, that difference points to a paper loss of $1.79 billion. SharpLink has not yet officially confirmed the purchase.
The company ranks second among corporate ETH treasury holders. The top spot belongs to Bitmine Immersion, led by Tom Lee. As of June 14, Bitmine held 5.67 million ETH, worth $8.7 billion, and continued its buying pace with an additional 52,203 ETH added last week.
SharpLink changed its name from SharpLink Gaming in February and shifted from a traditional staking model to a broader onchain yield strategy. In the first quarter of this year, the company reported $12.1 million in revenue, compared with just $742,000 in the same period a year earlier.
The company is also among the backers of Ethlabs, a nonprofit founded by former Ethereum Foundation researchers. Ethlabs aims to prepare the network for the next phase of institutional adoption. Its supporters include Ethereum co-founder and SharpLink Chairman Joe Lubin, as well as Bitmine Immersion.
The ETH purchase came in the middle of a broader market selloff. Ethereum fell 5% in the past 24 hours to $1,534, while Bitcoin dropped 3.3% to $58,787. Meanwhile, Tether’s USDT surpassed Ethereum by market capitalization, with USDT rising to $186.1 billion while Ethereum stood at $185.4 billion.
SharpLink’s Nasdaq-listed shares closed Thursday down 3.49% at $4.56. The stock has lost 26.8% over the past month and 50.4% over the past six months.
