Key facts
- Sharplink acquired 10,000 ETH for approximately $16.1 million.
- The firm's total Ethereum holdings now stand at 886,725 ETH.
- Sharplink also repurchased over 2.1 million shares of its common stock, SBET.
- Ethereum is poised to finish its third consecutive quarter with losses.
- ETH is trading around $1,555, down significantly from its peak.
Ethereum treasury firm Sharplink has acquired an additional 10,000 ETH, valued at approximately $16.1 million, bringing its total holdings to 886,725 ETH. This investment follows a $75 million registered direct offering and coincides with an accelerated stock buyback program for its own shares, SBET.
Despite Sharplink's continued investment in Ethereum, the cryptocurrency is facing headwinds, poised to close its third consecutive quarter in negative territory. ETH is trading around $1,555, down significantly from its August all-time high and showing quarter-to-date losses.
Sharplink CEO Joseph Chalom stated that financing decisions are based on increasing ETH per share and that the recent capital raise supports their active ETH treasury management strategy. The firm also believes its SBET shares are undervalued, having repurchased over 4 million shares since initiating the buyback program last year.
Sharplink has also been involved in initiatives to support the Ethereum network, including co-founding Ethlabs, a nonprofit research and development organization, and collaborating on a $125 million fund with Galaxy Research to access on-chain yields.