Sharplink Acquires 10,000 ETH, Maintains 886,725 ETH Treasury
Publicly traded Ethereum treasury firm Sharplink purchased 10,000 ETH for about $16 million last week, its first acquisition since October. The firm now holds 886,725 ETH worth $1.38 billion, with Ethereum trading around $1,562. CEO Joseph Chalom stated the firm's disciplined capital allocation aims to increase ETH per share. The purchase followed a $75 million registered direct offering. Additionally, Sharplink bought back over 2.1 million shares of SBET, believing it is undervalued, bringing total buybacks to over 4 million shares since the program began. Despite these moves, SBET shares fell 3% on Tuesday to $4.76, down 88% from their 52-week high of $40.46. Ethereum itself has dropped 22% in the past month and is 68% off its August all-time high. Sharplink remains committed to ETH, recently co-founding Ethlabs, a nonprofit R&D organization, and launching a $125 million fund with Galaxy Research to access on-chain yields.
Key facts
- Sharplink bought 10,000 ETH for $16 million, its first purchase since October.
- Firm holds 886,725 ETH worth $1.38 billion at $1,562 per ETH.
- SBET shares fell 3% to $4.76, down 88% from 52-week high.
- Sharplink co-founded Ethlabs and launched $125M fund with Galaxy Research.
- Ethereum dropped 22% in the past month, 68% off all-time high.