Sharplink buys 5,000 ETH for $7.85M after 8-month pause

Sharplink bought 5,000 Ether for $7.85 million, its first Ethereum acquisition in eight months, onchain data shows.

The funds were withdrawn from crypto prime brokerage FalconX in a single transaction, according to onchain analyst Lookonchain.

The Nasdaq-listed company's total Ethereum holdings now stand at 876,000 ETH, valued at roughly $1.37 billion at current prices. Sharplink carries an average entry price near $3,609, leaving an unrealized loss of $1.79 billion as Ether traded at $1,560 at the time of the transaction.

The purchase shows renewed conviction from one of the largest corporate Ethereum holders despite a 56% drawdown on its position. The move came days after Sharplink helped fund Ethlabs, a nonprofit launched by former Ethereum Foundation researchers on June 23 to assume select Foundation roles, adding a fundamental research catalyst to the accumulation thesis.

Sharplink's decision to resume accumulation after an eight-month pause places its total position among the largest corporate Ether treasuries held by a publicly traded company. The firm also holds 22,102 ETH accrued from staking rewards, adding to its overall exposure. Ether was trading near the lower Bollinger band at $1,538, with resistance at $1,675 and $1,829 defined by the 50- and 200-period exponential moving averages, according to Coinglass data. The relative strength index at 32.6 suggests neutral momentum, while the moving average convergence divergence indicator shows a bearish crossover at -37.5, reinforcing the near-term downward structure. A break below $1,538 could open a move toward $1,450, while a recovery above $1,675 would challenge the bearish setup.

The resumption of whale accumulation after a prolonged pause may influence other institutional treasuries evaluating similar digital asset strategies. Sharplink's willingness to add to its position despite significant paper losses suggests a long-term view on Ethereum's value proposition, particularly as the Ethlabs initiative aims to advance Ethereum's research and development roadmap.

This article is for informational purposes only and does not constitute investment advice.