Sharplink Buys Ethereum for First Time in 2026—With ETH Down 68% From Peak
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- Sharplink acquired 10,000 ETH for approximately $16 million last week—its first Ethereum purchase since October—bringing total holdings to 886,725 ETH worth $1.38 billion at ~$1,562 per coin.
- Sharplink funded the buy via a $75 million registered direct offering completed the same week, with CEO Joseph Chalom stating every financing decision aims to increase ETH per share.
- Sharplink repurchased more than 2.1 million SBET shares it considers "significantly undervalued," pushing cumulative buybacks since the program's launch past 4 million shares.
- SBET shares fell roughly 3% on Tuesday to around $4.76, extending a 22% drop over the past month and sitting 88% below the stock's 52-week high of $40.46.
- Ethereum itself is down 22% over the past month and 68% off its August all-time high of $4,946, meaning Sharplink's primary treasury asset has shed roughly two-thirds of its peak value.
- Sharplink and Ethereum treasury rival BitMine Immersion Technologies jointly backed the founding of Ethlabs, a new nonprofit R&D organization supporting the Ethereum network.
Why it matters: Sharplink is doubling down on Ethereum while both its core asset and its stock are in deep drawdowns—ETH down 68% from peak, SBET down 88% from its 52-week high. The simultaneous ETH accumulation and share buyback signal management's conviction that the equity is undervalued relative to the treasury, yet the market's 3% sell-off on the news suggests investors remain unconvinced the capital deployment will close that gap anytime soon.
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