Overview
- Last week, Sharplink purchased 10,000 ETH, marking its first acquisition of 2026.
- The company also repurchased over 2 million shares of SBET, which saw a decline of approximately 3% on Tuesday.
- Overall, shares have plummeted more than 88% from their 52-week peak.
Sharplink, a publicly traded firm focused on Ethereum treasury management, acquired 10,000 ETH for roughly $16 million last week, marking its first purchase since October.
Currently, the firm holds a total of 886,725 ETH valued at $1.38 billion, with Ethereum trading at around $1,562 on Tuesday.
CEO Joseph Chalom stated, “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.”
In conjunction with this acquisition, the company completed a $75 million registered direct offering last week, which Chalom noted “provided the capital to support our active ETH treasury management strategy.”
Alongside its Ethereum purchase, Sharplink repurchased over 2.1 million SBET shares, which it considers “significantly undervalued.” Since initiating its share buyback program last year, the firm has repurchased over 4 million SBET shares.
Despite this news, SBET shares fell about 3% shortly after the market opened on Tuesday, trading around $4.76. This represents a nearly 22% decline over the past month and an 88% drop from the 52-week high of $40.46.
Ethereum itself has faced challenges, dropping 22% in the past month and currently sitting over 68% below its all-time high of $4,946 reached in August.
Nonetheless, Sharplink is committed to the future of ETH. Recently, the firm partnered with BitMine Immersion Technologies to establish Ethlabs, a nonprofit organization focused on research and development for the Ethereum network.
Additionally, last month, Sharplink announced a collaboration with Galaxy Research to create a $125 million fund as it aims to access on-chain yields.
A representative from Sharplink has not yet responded to Decrypt’s request for further comments.