Sharplink is buying Ether again. The crypto treasury company scooped up $62.4 million worth of ETH between Thursday and Saturday, ending an eight-month dry spell with a vengeance.
Onchain data from Arkham tells the story: 5,000 ETH on Thursday, another 5,000 ETH (worth $7.9 million) on Friday, then a hefty 29,196 ETH ($46.7 million) across three over-the-counter deals on Saturday. That’s nearly 40,000 ETH in under a week.
Sharplink was once a serious competitor to Bitmine for the title of world’s largest ETH treasury company. These purchases suggest they’re back in the game. The company declined to comment when first asked about the buys.
The timing’s worth noting. This week, both Bitmine and Sharplink threw their weight behind Ethlabs, a new R&D nonprofit aimed at making Ethereum ready for institutional use. Sharplink chairman and Ethereum co-founder Joe Lubin is involved too. The idea: stablecoins, tokenized assets, and autonomous AI commerce are converging on Ethereum as a settlement layer, and the network needs to handle that demand at scale.
Of course, the backdrop isn’t pretty. Ether’s down 22.8% month-over-month and nearly 50% year-to-date. Tether briefly flipped ETH in market cap last week. US spot Ether ETFs just recorded their seventh straight week of outflows. But for Sharplink, that might be exactly the point — buy when things look bleak.
