Sharplink Joins the RUSSELL 2000 and buys more ETH
SharpLink appears to have resumed buying Ethereum for the first time since October 2025, adding 5,000 ETH worth approximately $7.85 million as ETH traded near a new 2026 low of $1,537.
Before the transaction, SharpLink reported holding approximately 876,285 ETH as of June 21. Assuming there were no other changes, the latest purchase would bring its estimated holdings to roughly 881,285 ETH, keeping it behind only BitMine among publicly traded Ethereum treasury companies.
The purchase comes shortly after SharpLink completed a $75 million registered direct offering. The company sold approximately 10 million shares at a combined price of $7.49 per share and accompanying warrant. The warrants allow investors to purchase additional shares at $8.15 and expire in four years. This was sold at a steep premium to the current price of SBET $4.78
The company’s average ETH purchase price has been estimated at approximately $3,609. With ETH trading well below that level, SharpLink is sitting on a substantial paper loss. Based on current market prices, the shortfall between the estimated acquisition cost and market value is approximately $1.8 billion.
Despite the decline in ETH’s price, SharpLink has continued expanding beyond basic staking and into broader on-chain yield strategies. Revenue increased to $12.1 million during the first quarter of 2026, compared with approximately $700,000 one year earlier.
SharpLink has also joined BitMine, Ethereum co-founder Joe Lubin and other ecosystem participants in funding EthLabs, an independent nonprofit research organization founded by five former senior Ethereum Foundation researchers. The project is focused on preparing Ethereum’s infrastructure for greater institutional adoption.
SharpLink is also scheduled to join the Russell 2000 and Russell 3000 indexes on Monday, June 29, potentially increasing its visibility among institutional and index-tracking investors.
