SharpLink has resumed buying Ethereum (ETH) for the first time in 8 months, adding 5,000 ETH to its holdings.

The move breaks a long buying pause and lands while ETH trades far below the price the firm paid to build its treasury.

SharpLink Return to Buying as ETH Slides

According to Lookonchain, the 5,000 ETH, worth about $7.85 million, came from FalconX. SharpLink holdings have reached 876,285 ETH valued at roughly $1.4 billion. This also includes 22,102 ETH earned through staking rewards.

The acquisition adds to a position trading well below cost. SharpLink’s average purchase price is $3,609, while ETH traded near $1,556 today. That gap leaves the firm with an unrealized loss of more than $1.7 billion.

That gap reflects a steep market decline. Ethereum has posted two consecutive red quarters and is on track to close the second quarter lower. 

The asset has dropped nearly 25% over the past month, according to BeInCrypto Markets. The fall outpaced Bitcoin (BTC), which lost 22% across the same period.

Institutional appetite has cooled alongside the sell-off. According to SoSoValue data, spot Ethereum ETFs have recorded outflows for six consecutive weeks, with outflows extending into this week. The trend signals weak demand. 

Mounting Losses and a Wider Ethereum Bet

The buying resumes after a punishing quarter. SharpLink reported a net loss of $685.6 million for the first quarter of 2026.

Most of that came from non-cash unrealized losses on its ETH holdings. Staking revenue, however, lifted total revenue to $12.1 million from $0.7 million a year earlier.

SharpLink has also widened its Ethereum commitment beyond its own balance sheet. The firm helped fund Ethlabs, a nonprofit research lab backing Ethereum’s institutional push.

Source: BeInCrypto