Crypto treasury company SharpLink has aggressively restarted its Ether accumulation strategy, purchasing a total of 39,196 ETH worth approximately $62.4 million over three days, according to on-chain data. The buying spree ended an eight-month pause, signaling renewed institutional conviction in Ethereum as a long-term reserve asset.
The purchases began on Thursday with a 5,000 ETH buy (around $7.9 million), the company’s first direct Ether acquisition since October. On Saturday, SharpLink added another 29,196 ETH valued at roughly $46.7 million through three over-the-counter transactions, as tracked by Arkham and Lookonchain. The total brought the firm’s Ether holdings to 876,285 ETH, including 22,102 ETH earned through staking, with an average purchase price of about $3,609.
SharpLink’s renewed buying comes amid a challenging period for Ethereum, which has dropped 22.8% over the past month and nearly 50% year-to-date. The decline briefly allowed Tether’s USDT to surpass ETH by market cap, and U.S. spot Ether ETFs posted their seventh straight week of net outflows, losing $12.9 million last week, mostly from BlackRock’s iShares Ethereum Trust. Despite the headwinds, SharpLink’s move suggests long-term confidence; Lookonchain notes the treasury currently carries an unrealized loss of roughly $1.71 billion.
Additionally, SharpLink announced it has joined BitMine, Ethereum co-founder and SharpLink chairman Joe Lubin, and other contributors to back Ethlabs, a new nonprofit R&D organization focused on preparing Ethereum for institutional use. Ethlabs will work on improving scalability for stablecoins, tokenized real-world assets, investment funds, and AI-driven commerce. This initiative may reinforce Ethereum’s position as the leading smart contract platform for institutional capital.
The buying also precedes SharpLink’s expected inclusion in the Russell 2000 and Russell 3000 indexes after the latest FTSE Russell reconstitution, which CEO Joseph Chalom said could broaden the shareholder base and support the company’s treasury strategy.
