SharpLink (SBET) expanded its Ethereum (ETH) treasury this week, buying 10,000 ETH to reach 886,725 ETH in total holdings. The purchase came while Fundstrat strategist Tom Lee said sentiment looked worse than after the FTX collapse.

The company paired the purchase with a stock buyback, repurchasing 2.13 million shares after raising $75 million last week. SharpLink frames both moves as a single strategy, increasing the amount of ETH backing each share.

SharpLink Buys ETH and Repurchases Stock

The Ethereum treasury company paid an average of $1,611 per 10,000 ETH, according to a company statement. That price already sits above ETH’s $1,570 level at press time, leaving the fresh tranche underwater within days.

The buy lifted holdings to 886,725 ETH as of June 28, the second-largest corporate stash after BitMine. The position is worth about $1.4 billion at Ethereum’s current price.

ETH set a record near $4,946 in August 2025, then shed roughly 69% of its value. It has dropped about 23% over the past month, well below the level at which SharpLink built most of its treasury.

The company also repurchased 2,132,773 shares at $4.69, spending close to $10 million. That $75 million came from a stock offering priced at about a 41% premium.

“We had the opportunity to buy ETH and repurchase our stock at attractive valuations, so we did both. This past week we added 10,000 ETH and repurchased 2,132,773 shares,” SharpLink CEO Joseph Chalom said in a post, tying the two decisions togethe.

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The firm had only recently resumed Ethereum purchases after an eight-month pause.

Tom Lee Says Sentiment Has Hit Post-FTX Lows

The buying contrasts with the wider mood. Lee chairs BitMine, the largest Ethereum treasury firm. It disclosed about 5.7 million ETH and $9.8 billion in crypto and cash this week, more than six times SharpLink’s holdings.

In a recent interview, Lee pointed to falling Google searches and a record-low RSI as signs of deep fear.

“The fear greed index is worse today than it was after the FTX debacle. So, usually that’s a good time to be buying something.”

Lee said Ethereum’s price is lagging its fundamentals, citing AI and tokenization as long-term tailwinds. He has also rejected Ethereum funding fears raised after staff exits at the Ethereum Foundation.

Staking income has helped Ethereum treasury firms offset paper losses through the slump. Whether SharpLink’s accumulation marks a bottom or just deeper conviction is not yet clear, but the firm keeps buying while much of the market sits on losses.

Source: BeInCrypto