Sharplink Buys $62.4M of ETH in Three Days

Crypto treasury firm Sharplink resumed Ether purchases last week after an eight-month pause, buying a total of $62.4 million of ETH across three days beginning Thursday. On-chain records reported by blockchain trackers show Sharplink purchased 5,000 ETH on Thursday, another 5,000 ETH (about $7.9 million) on Friday, and 29,196 ETH (approximately $46.7 million) on Saturday in three over-the-counter trades.

The buying spree suggests Sharplink has reactivated an active ETH accumulation strategy. The company was previously one of the largest ETH treasury holders and a close rival to Bitmine. When first contacted on Thursday, Sharplink declined to comment on the timing or motives for the purchases.

The purchases coincided with Sharplink joining Bitmine, Ethereum co-founder Joe Lubin and other contributors to back a new research and development nonprofit called Ethlabs. The organization says its goal is to prepare Ethereum for broader institutional adoption, ensuring the network can handle growing on-chain demand from stablecoins, tokenized real-world assets, funds and automated commerce.

Sharplink said Ethlabs aims to help Ethereum scale and become ready as a settlement layer for increased institutional activity.

The accumulation comes amid a sharp pullback in Ether's price. Ether is down roughly 22.8% month-on-month and nearly 50% since the start of the year, a slump that briefly allowed Tether's USDT stablecoin to surpass Ether by market capitalization last week.

Investor flows have also been negative: US spot Ether ETFs recorded a seventh consecutive week of outflows, totaling about $12.9 million in net withdrawals last week, largely driven by redemptions from BlackRock's iShares Ethereum Trust (ETHA).

This report is based on publicly available on-chain data and industry reporting. Readers are encouraged to verify figures independently.