Sharplink Breaks 8-Month ETH Drought With Silent $18M Buy Through FalconX

Lookonchain Spots Sharplink Recieving 5,000 ETH

With 876,285 ETH valued at $1.38 billion using current ether exchange rates on Saturday, June 27, 2026, Sharplink ranks below Bitmine’s 5,672,956 ETH cache, making it the second-largest ETH treasury today. This week, the onchain analyst on X known as Lookonchain detailed that Sharplink acquired 5,000 ETH from the crypto firm FalconX.

“After 8 months, Sharplink is buying ETH again,” Lookonchain wrote. The onchain analysts also noted in the X post that the publicly traded firm paid an average price of $3,609 per coin and is sitting on $1.7 billion in paper losses. While the company’s 5,000 ETH inflow can be verified onchain, Sharplink has not issued a press release or formal announcement.

Stock Down 99% and $1.7B in Paper Losses

Sharplink is among the growing roster of digital asset treasury (DAT) firms watching the crypto bear market eat into their paper gains. The company’s shares trade on Nasdaq, and the stock closed June 26 at $4.81 a share. Shares climbed 5.48% during Friday’s trading session after news of the company scooping up more ETH began circulating across social media.

Despite Friday’s 5.48% lift, Sharplink (Nasdaq: SBET) is down 10.76% over the past week, more than 21% this month, and 47.37% year to date. Hardly cause for celebration. SBET is also trading 99.96% below its all-time high. Sharplink’s stock has generally traded at a discount to NAV, with mNAV below 1.0x, while nearly all of the company’s ether remains staked.

Sharplink’s renewed buying signals conviction, but the numbers tell a harder story. Whether accumulating through a bear market proves prescient or painful remains an open question.