SharpLink Adds 5,000 ETH, Sits on $1.7B Paper Loss

What happened: SharpLink, the second-largest public Ethereum treasury, purchased 5,000 ETH (worth ~$7.85 million) on June 25, its first inflow since October 2025. This brings its total holdings to approximately 876,285 ETH, valued at $1.3–$1.4 billion. The company’s average cost basis is about $3,609 per ETH, resulting in an unrealized loss of roughly $1.7–$1.8 billion at current prices. The purchase comes just days before SharpLink’s expected addition to the Russell 2000 and 3000 indexes.

Why it matters: Despite significant paper losses, SharpLink’s continued accumulation signals long-term confidence in Ethereum’s prospects. The timing ahead of index inclusion may be strategic, but the relatively small purchase compared to its overall holdings and losses underscores the cautious approach amid market uncertainty. SharpLink’s stock (SBET) closed down 3.5% on the day, reflecting broader skepticism.

Source: CoinDesk