Sharplink Bought 10,000 ETH, 2 Million SBET: What's Going On?

Sharplink Gaming (NASDAQ: SBET ) bought 10,000 Ethereum (CRYPTO: ETH) last week for $16.1 million, its first ETH purchase in eight months, while also repurchasing 2.13 million of its own shares.

This Is Sharplink’s First ETH Buy Since October Sharplink’s latest purchase, made at an average price of $1,611 per ETH, lifted total holdings to 886,725 ETH worth roughly $1.38 billion as of June 28.

The disclosure ends an eight-month gap in publicly announced purchases, though onchain analyst EmberCN had flagged a separate 5,000 ETH buy through FalconX last week that Sharplink hadn’t confirmed at the time. “Our capital allocation philosophy is disciplined and straightforward: every financing decision we make is based on our long-term objective to increase ETH per share,” said Sharplink CEO Joseph Chalom.

The purchase followed the company’s completed $75 million registered direct offering of common stock and warrants during the week ended June 28.

Sharplink Also Bought Back 2.13 Million Of Its Own Shares Beyond the ETH purchase, Sharplink repurchased 2,132,773 shares of its common stock at an average price of $4.69 per share, bringing cumulative buybacks to 4,071,223 shares since the program started in August 2025.

Chalom said the company believes SBET stock remains significantly undervalued at current levels.

Despite both moves, SBET is down roughly 3% shortly after market open.

The stock has fallen nearly 22% over the past month and sits 88% below its 52-week high of $40.46.

Sharplink Is Backing A New Ethereum Research Nonprofit Sharplink joined rival Ethereum treasury firm Bitmine Immersion Technologies (NASDAQ: BMNR ) last week to help found Ethlabs, a new nonprofit focused on Ethereum research and development.

The company also launched a $125 million fund with Galaxy Research last month aimed at capturing on-chain yield opportunities.

Both SBET And ETH Remain Deep In Bearish Territory SBET trades 49.8% below its 200-day moving average, with the November 2025 death cross still firmly in place.

The stock sits near its 52-week low of $4.46, a zone that has occasionally attracted dip buyers but shows little durable support.

Ethereum tells a similar story, down 37.24% over the past 12 months and trading well below its 200-day moving average at $2,294.61.

ETH sits more than 68% below its August all-time high of $4,946, though MACD has turned slightly positive, suggesting downside pressure may be easing even as the broader death cross regime remains intact.

Image: Shutterstock