Sharplink, Inc. (Nasdaq: SBET) purchased 10,000 ETH at approximately $1,611 per coin on June 28, 2026, bringing total Ethereum holdings to 886,725, per a June 30 SEC filing. The company also repurchased 2,132,773 shares of common stock at $4.69 each that week.
Key Takeaways
- Sharplink purchased 10,000 ETH at an average price of approximately $1,611 per coin, bringing its Ethereum treasury to 886,725 coins.
- The company raised $75 million via a registered direct offering of common stock and warrants the prior week, using that capital to fund the ETH purchase.
- Sharplink repurchased 2,132,773 shares of common stock at an average purchase price of $4.69 per share under its ongoing stock buyback program.
- CEO Joseph Chalom targets ETH per share as the core metric; Sharplink has repurchased 4,071,223 shares since launching the buyback in August 2025.
- The 886,725 ETH position spans native ETH, LsETH (liquid staking), and weETH (wrapped restaked ETH) as of the filing date.
What Happened?
Sharplink, Inc. announced the purchase of 10,000 ETH at an average price of $1,611 per ETH, bringing total ETH holdings to 886,725, per the June 30 SEC filing.
The $75 million registered direct offering of common stock and warrants, completed the prior week, funded the purchase. CEO Joseph Chalom connected the two events directly in the filing:
Sharplink describes itself as a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. The company cites Ethereum’s role as infrastructure for Decentralized finance markets and tokenized real-world assets as the strategic rationale for its accumulation program.
By the Numbers
The weekly filing disclosed four material disclosures: 10,000 ETH purchased at approximately $1,611 per coin, total holdings rising to 886,725, a $75 million equity capital raise the prior week, and 2,132,773 shares repurchased at $4.69 per share.
| Metric | Value |
|---|---|
| ETH purchased (week ending June 28, 2026) | 10,000 ETH |
| Average ETH purchase price | ~$1,611 per ETH |
| Total ETH holdings | 886,725 ETH |
| Capital raised (registered direct offering) | $75 million |
| Shares repurchased this period | 2,132,773 |
| Average share repurchase price | $4.69 |
| Total shares repurchased since August 2025 | 4,071,223 |
Source: Sharplink, Inc. SEC Filing Exhibit 99.1, June 30
How Sharplink Structures Its ETH Position?
Sharplink’s 886,725 ETH consists of 632,719 native ETH, 181,299 ETH as-if redeemed from LsETH, and 72,707 ETH as-if redeemed from weETH. LsETH is a liquid staking ETH token; weETH is wrapped restaked ETH. The “as-if redeemed” accounting converts all three instrument types into a single ETH-equivalent count for comparability.
The three-instrument structure means Sharplink’s treasury earns yield at two layers, staking and restaking, in addition to tracking spot ETH price. The risk profile differs: weETH positions carry slashing exposure if the underlying protocols misbehave, a condition absent from plain native ETH holdings.
The Share Buyback Running Alongside ETH Accumulation
Sharplink repurchased 2,132,773 shares of common stock at an average purchase price of $4.69 per share, bringing total shares repurchased since initiating the buyback program in August 2025 to 4,071,223.
This week Sharplink acquired 10,000 ETH, bringing total holdings to 886,725 ETH (worth ~$1.4B at today’s ETH price of $1,570).
— Sharplink (@Sharplink) June 30, 2026
We also repurchased 2,132,773 shares for roughly $10M at an average price of $4.69, part of our buyback program that has now repurchased 4,071,223… pic.twitter.com/4oyMvR7EML
Running a buyback alongside an equity-issuance program creates an apparent tension. Sharplink raised equity capital last week, then separately repurchased shares under a distinct program. Chalom’s stated metric, ETH per share, resolves the apparent conflict. The buyback reduces the share count in the denominator; the ETH purchase increases the numerator.
This mirrors the capital-recycling logic Strategy (formerly MicroStrategy) developed for its Bitcoin treasury, applied here to Ether. Retail Investing data shows concurrent buyback programs typically signal management confidence in long-term value; here the buyback is explicitly subordinated to ETH-per-share optimization.
CoinLaw’s Takeaway
The June 30 filing shows Sharplink converting equity-market access into Ethereum holdings in a direct, one-week sequence: raise capital, buy ETH, reduce the share count. The filings document each purchase in volume and price terms, reporting 886,725 ETH accumulated at an average near $1,611 per coin, building the paper trail that regulators monitoring SEC crypto enforcement actions will expect from a large corporate holder.
The more consequential signal is the instrument mix. A treasury holding only native ETH is a pure directional bet. Sharplink’s 181,299 LsETH and 72,707 weETH positions mean the treasury earns yield at two layers, carrying counterparty risk and requiring active management of restaking exposures that a passive spot position does not.
