Overview
- Sharplink acquired 10,000 ETH last week, marking its first purchase of 2026.
- The company also bought back over 2 million SBET shares despite a decline in share value.
- SBET shares have dropped over 88% from their peak in the last year.
Sharplink, a publicly traded company that specializes in managing Ethereum assets, made its first Ethereum acquisition of the year last week, purchasing 10,000 ETH for approximately $16 million. This purchase follows a hiatus since October and brings its total ETH holdings to 886,725, valued at around $1.38 billion, with Ethereum priced near $1,562 as of Tuesday.
CEO Joseph Chalom emphasized the firm's disciplined capital allocation strategy, stating, “Every financing decision we make is based on our long-term objective to increase ETH per share.” This acquisition coincided with a $75 million direct offering that Chalom mentioned would support their ongoing ETH treasury management efforts.
In addition to the Ethereum purchase, Sharplink repurchased over 2.1 million shares of its SBET stock, which it believes is undervalued. The firm has repurchased more than 4 million SBET shares since initiating its buyback strategy last year. However, SBET shares saw a decline of about 3% on Tuesday, trading at approximately $4.76, which is nearly 22% lower than a month ago and down 88% from its 52-week high of $40.46.
