Key facts
- Sharplink has purchased $62.4 million worth of Ether since Thursday.
- The purchases include 5,000 ETH on Thursday, 5,000 ETH on Friday, and 29,196 ETH on Saturday.
- This marks the resumption of Sharplink's Ether accumulation strategy after an eight-month pause.
- Sharplink, along with Bitmine and Joe Lubin, is backing the new nonprofit Ethlabs.
- Ethlabs is intended to prepare Ethereum for institutional adoption and increased on-chain demand.
Crypto treasury firm Sharplink has significantly increased its Ether holdings, purchasing $62.4 million worth of the cryptocurrency over three days. This marks a resumption of its accumulation strategy after an eight-month pause.
Onchain data reveals that Sharplink acquired 5,000 ETH on Thursday, followed by another 5,000 ETH on Friday. The buying spree culminated on Saturday with three over-the-counter transactions totaling 29,196 ETH. These purchases add to evidence that Sharplink, once a major competitor to Bitmine in Ether treasury management, has revived its active accumulation.
The timing of these purchases coincides with the launch of Ethlabs, a new research and development nonprofit co-backed by Sharplink, Bitmine, Ethereum co-founder Joe Lubin, and other contributors. Sharplink stated that Ethlabs aims to "ready Ethereum for the next phase of institutional adoption," ensuring the network can handle growing demand from stablecoins, tokenized real-world assets, funds, and autonomous AI commerce.
These developments occur as Ether has experienced a notable price slump, down 22.8% month-on-month and nearly 50% year-to-date. This downturn briefly saw Tether's USDt surpass Ether in market capitalization. Furthermore, US spot Ether ETFs have recorded seven consecutive weeks of outflows, with BlackRock's iShares Ethereum Trust being a primary driver.