Sharplink Doubles Down on ETH at 2026 Lows, Averaging Down Harder Than Your DCA Bot 😅

Sharplink (SBET) has resumed buying Ether after an eight-month pause, acquiring a combined 39,196 ETH worth $62.4 million over three days ending Saturday, according to Lookonchain and Arkham data. The second-largest corporate Ether treasury received 5,000 ETH from crypto prime brokerage FalconX on Thursday at approximately $1,576 per token, followed by another 5,000 ETH on Friday worth $7.9 million, and 29,196 ETH across three over-the-counter transactions on Saturday valued at $46.7 million. The buying spree has pushed Sharplink's holdings to 868,699 ETH, including 22,102 staked tokens, with some later tallies reported at 876,285 ETH. Sharplink declined to comment when first contacted on Thursday.

The purchases landed as Ether slid to its 2026 low of $1,537 on Thursday, down roughly 22.8% month-on-month and about 50% year-to-date, allowing Tether's USDt (USDT) to briefly surpass Ether in market capitalization last week at roughly $186 billion to $185 billion, per CoinDesk. Bitmine Immersion Technologies (BMNR), the largest public Ether treasury, continues to lead with 5,672,956 ETH worth $8.92 billion after adding 52,203 ETH for $92 million on June 22. "We continue to maintain a steady pace of accumulation throughout 2026. We believe we are in the early stages of crypto spring," Bitmine chairman Tom Lee said.

Onchain analyst EmberCN estimated Sharplink's average purchase price at about $3,609 per coin, implying an unrealized loss of roughly $1.79 billion. "I'm seeing genuine corporate accumulation conviction holding strong amid subdued price action," Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph. Sharplink CEO Joseph Chalom had previously cited three potential catalysts: passage of the CLARITY Act, a return of market risk appetite tied to easing geopolitical tensions and cooling AI investment enthusiasm, and the continued growth of real-world asset tokenization, now at a distributed asset value of $31.55 billion. The House Financial Services Committee is scheduled to hold a hearing on the CLARITY Act on July 17, while the US and Iran work toward a final peace agreement. "Our capital allocation philosophy is disciplined and straightforward: Every financing decision we make is based on our long-term objective to increase ETH per share," Chalom said in a statement.

Sharplink also completed a $75 million registered direct offering during the period and has bought back more than 4 million shares of SBET since launching its buyback program, including over 2.1 million shares last week. Shares closed at $4.81 on Friday, up 5.48% on the day, but remain down about 27% over the past month and 88% off the 52-week high of $40.46. The company is set to be added to the Russell 2000 and Russell 3000 indexes. Sharplink rebranded from SharpLink Gaming in February and reported $12.1 million in revenue in the first quarter, up from $742,000 a year earlier.

Both Sharplink and Bitmine joined Ethereum co-founder and Sharplink chairman Joe Lubin in backing Ethlabs, a nonprofit founded by former Ethereum Foundation researchers to prepare the network for institutional use. US spot Ether ETFs recorded a seventh consecutive week of outflows, totaling $12.9 million, driven largely by withdrawals from BlackRock's iShares Ethereum Trust (ETHA), while issuers still hold over $8.38 billion, representing 4.42% of Ethereum's market value, with daily trading volume of $491.73 million. Bitcoin ($BTC) slipped under $59,000 in the broader sell-off, and Ether ended the quarter down for the third straight quarter.