--- title: "SharpLink Buys $62M in Ethereum, Revives Massive ETH Bet" date: 2026-06-29 author: "Kelvin Scott" featured_image: "https://coinlaw.io/wp-content/uploads/2026/06/sharplink-buys-62m-in-ethereum.jpg" categories: - name: "Cryptocurrency" url: "/crypto.md" tags: - name: "News" url: "/tag/news.md" --- # SharpLink Buys $62M in Ethereum, Revives Massive ETH Bet SharpLink Gaming has resumed its Ethereum buying strategy with a fresh $62.4 million purchase, signaling renewed confidence in ETH despite the cryptocurrency’s recent price struggles. ## Key Takeaways - SharpLink acquired 39,196 ETH worth $62.4 million over three days after an eight month pause in purchases. - The company is continuing its strategy of using Ethereum as a core corporate reserve asset and generating additional returns through staking. - SharpLink’s latest purchases came as Ethereum traded near multi year lows and institutional interest in the network continues to evolve. - The company is also backing Ethlabs, a new initiative aimed at preparing Ethereum for broader institutional adoption. ## What Happened? SharpLink Gaming has restarted its Ethereum accumulation strategy after remaining inactive for nearly eight months. The company purchased nearly **40,000 ETH worth about $62.4 million** between Thursday and Saturday, taking advantage of Ethereum’s depressed price levels near $1,600. The buying spree has reignited attention around SharpLink’s long term bet on Ethereum and its ambition to become one of the largest corporate holders of the cryptocurrency. > SharpLink([@Sharplink](https://x.com/Sharplink?ref_src=twsrc%5Etfw)) just bought another 29,196 [$ETH](https://x.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw)($46.7M). > > Over the past 3 days, [\#SharpLink](https://x.com/hashtag/SharpLink?src=hash&ref_src=twsrc%5Etfw) has bought a total of 39,196 ETH ($62.4M). [pic.twitter.com/EWwBTvRe1y](https://t.co/EWwBTvRe1y) > > — Lookonchain (@lookonchain) [June 28, 2026](https://x.com/lookonchain/status/2071032675025199335?ref_src=twsrc%5Etfw) ## SharpLink Returns to the Market With Aggressive ETH Buying Onchain data shows that **SharpLink initially purchased 5,000 ETH** worth roughly $7.85 million on June 25 and 26 through [FalconX](https://coinlaw.io/falconx-24-7-otc-crypto-options-launch/). It then acquired another 5,000 ETH on Friday before adding 29,196 ETH worth approximately $46.7 million through three over the counter transactions on Saturday. The latest purchases underscore that the company has revived its active [Ethereum treasury strategy](https://coinlaw.io/ethereum-statistics/) after months of silence. The company was previously considered one of the leading contenders alongside Bitmine in the race to become the world’s largest corporate Ethereum holder. Following the latest acquisitions, estimates suggest SharpLink now holds between **868,699 ETH and 876,285 ETH**, valued at roughly **$1.3 billion to $1.37 billion** based on current market prices. ## A Michael Saylor Style Strategy for Ethereum SharpLink’s treasury model has often been compared to the bitcoin accumulation strategy pioneered by Michael Saylor and his company [Strategy](https://coinlaw.io/microstrategy-statistics/). However, SharpLink has taken a different route by focusing on Ethereum rather than bitcoin. The company views Ethereum not just as a reserve asset but also as a productive one. Unlike bitcoin, Ethereum allows holders to [earn rewards through staking](https://coinlaw.io/eth-staking-statistics/), enabling companies to generate additional income while maintaining long term exposure to the asset. SharpLink currently has more than **22,000 ETH staked**, creating an additional revenue stream that helps offset some of the costs associated with holding a large cryptocurrency position. The strategy also reflects the company’s confidence in Ethereum’s broader ecosystem, including **decentralized finance, stablecoins, tokenized real world assets, blockchain payments, and emerging artificial intelligence applications**. ## Betting on Institutional Adoption The renewed buying activity came during the same week that SharpLink announced support for **Ethlabs**, a new nonprofit research and development organization focused on preparing Ethereum for greater institutional use. According to the company, the initiative aims to ensure Ethereum can support growing demand as stablecoins, [tokenized assets](https://coinlaw.io/asset-tokenization-statistics/), investment funds, and autonomous AI commerce increasingly move onchain. SharpLink chairman **Joseph Lubin**, who also co founded Ethereum and founded ConsenSys, is among the backers of the initiative. The company believes Ethereum is becoming the preferred settlement layer for a wide range of financial applications and appears to be positioning itself ahead of what it expects to be a new wave of institutional adoption. ## Risks Remain Despite the Bullish Bet The aggressive accumulation strategy comes with considerable risk. Ethereum is down nearly **23 percent over the past month** and remains almost **50 percent below its level at the beginning of the year**. The weakness has weighed heavily on the value of SharpLink’s holdings. The company’s average acquisition cost is estimated at around **$3,609 per ETH**, meaning its current position is significantly underwater based on current market prices near $1,600. Additionally, US spot [Ether exchange traded funds](https://coinlaw.io/ethereum-etf-statistics/) recently recorded another week of net outflows, highlighting that institutional sentiment toward Ethereum remains mixed. Even so, SharpLink continues to expand its Ethereum treasury strategy and remains one of the most aggressive publicly known corporate buyers of ETH. ## CoinLaw’s Takeaway In my experience, companies rarely continue buying an asset during periods of deep weakness unless they have strong conviction in its long term future. SharpLink’s latest purchase suggests it sees the current downturn as an opportunity rather than a warning sign. I found the company’s approach particularly interesting because it is not simply copying the bitcoin treasury model. By combining long term accumulation with staking rewards and a broader bet on Ethereum’s ecosystem, SharpLink is effectively creating a new corporate treasury playbook that could influence other public companies if Ethereum eventually regains momentum. Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining. [Read more](https://coinlaw.io/glossary/staking/)