SharpLink just went on a shopping spree. The company scooped up nearly 40,000 ETH worth $62.4 million last week, breaking an eight-month silence that had some wondering whether the firm’s ambitious Ethereum treasury strategy had quietly died on the vine.

It hadn’t. The purchase, totaling 39,196 ETH, kicked off with an initial buy of 5,000 ETH for approximately $7.85 million on June 25-26, executed through FalconX. The rest followed shortly after, all while Ethereum was trading near its 2026 lows between $1,537 and $1,578 per token.

Buying the dip at industrial scale

SharpLink now holds somewhere between 868,699 and 876,285 ETH, valued at roughly $1.3 billion to $1.37 billion at current prices. That makes the firm the second-largest public corporate Ethereum treasury holder.

The company’s average acquisition cost sits at approximately $3,609 per ETH. With the token trading below $1,600, that translates to estimated unrealized losses of around $1.79 billion. In English: for every dollar SharpLink has spent accumulating Ethereum, it’s currently sitting on roughly 56 cents of value.

The people and the strategy behind the treasury

SharpLink’s chairman is Joseph Lubin, co-founder of Ethereum itself and the founder of ConsenSys. Its CEO, Joseph Chalom, is a former BlackRock executive. When these two decided to pivot a sports-betting tech company into a corporate Ethereum accumulation vehicle, the market paid attention.

That pivot began in 2025 with a $425 million capital raise specifically designed to fund the treasury strategy. The playbook borrows heavily from what MicroStrategy, now called Strategy, did with Bitcoin: raise capital, buy the asset, hold it, repeat. The difference is that SharpLink has layered on a yield component that Bitcoin’s treasury holders can’t easily replicate.

The firm has approximately 22,102 ETH staked, generating on-chain yield that offsets some of the carrying cost of holding a massive position in a volatile asset. SharpLink has also backed Ethlabs, an initiative aimed at bolstering Ethereum’s institutional readiness.

What this means for investors

On the noise side, SharpLink is staring at nearly $1.8 billion in unrealized losses. Adding $62 million to a position that’s already deeply underwater could be a case of good money chasing bad. The corporate Ethereum treasury thesis remains largely unproven compared to Bitcoin’s, where Strategy and others have at least demonstrated the model can work in a rising market.

The staking yield strategy does offer a meaningful differentiator. If Ethereum’s staking rewards remain consistent and the network continues to generate fee revenue, SharpLink can present its ETH holdings as a productive asset rather than a speculative bet.

At an average cost basis of $3,609, ETH would need to more than double from current levels just for SharpLink to break even. Staking yields help at the margins, but they won’t close a gap that wide anytime soon.