SharpLink buys 10,000 ETH, lifts treasury to 886,725

SharpLink (Nasdaq: SBET), the second-largest Ethereum treasury company, said it bought 10,000 ETH at an average price of about $1,611, lifting total holdings to 886,725 ETH as of June 28, 2026. The purchase keeps SharpLink behind only BitMine Immersion in the public-company ETH treasury race.

Why it matters

The accumulation comes alongside two capital moves that point to the same thesis. SharpLink raised $75 million last week through a registered direct offering and repurchased 2.13 million shares at an average price of $4.69. Management framed both as part of a capital allocation framework aimed at increasing ETH exposure per share, not just gross ETH on the balance sheet.

The buyback at $4.69 against the ETH purchase near $1,611 is the structural tell. A company that wants maximum per-share ETH exposure buys stock when it is cheap relative to its ETH holdings and issues or raises when the math favors adding tokens. SharpLink is doing both in the same week.

Market impact

At roughly $1.61K per ETH, the 10,000 ETH purchase is a $16.1 million add, small against the 886,725 ETH stack but directionally consistent with the strategy the company has run since going public. The $75M raise, if fully converted into ETH at current prices, would add another ~46,000 ETH to the treasury.

The broader read is positioning for the next leg: public-company ETH treasuries are now a multi-billion-dollar pool, and SharpLink's combined raise-plus-buyback cadence is the cleanest example of a public vehicle using traditional capital markets tools to compound per-coin exposure.