SharpLink Buys Its First ETH in Eight Months, Then Buys Back Its Own Stock — All Funded by a Fresh $75M Raise

The Ethereum treasury company added 10,000 ETH and repurchased 2.13 million shares in the same week it closed a dilutive stock-and-warrant offering, framing all of it as "ETH per share" discipline.

SharpLink Gaming disclosed on Tuesday, June 30, that it bought 10,000 ETH and repurchased more than two million of its own shares — its first publicly announced ether purchase in eight months, executed while ETH sits roughly 68% below its all-time high, per Decrypt's framing. The Miami-based company positioned the moves as part of a "disciplined" capital strategy, but the mechanics underneath are worth reading closely: the purchases were funded by a $75 million equity raise that closed the same week.

What the company disclosed

According to SharpLink's statement, relayed by The Block, the 10,000 ETH purchase lifted total holdings to 886,725 ETH as of June 28, making it one of the largest corporate ether treasuries in the public markets. At roughly $1,600 per ETH, that stack is worth on the order of $1.4 billion, though the company did not publish a mark. The buy was made at an average price of $1,611 per ETH, implying a transaction value of about $16.1 million — SharpLink's figures.

This is the company's first announced ETH purchase in eight months (The Block), or its first of 2026 (Decrypt) — the two sources describe the same gap. It is worth noting the sequence: SharpLink stopped announcing accumulation through most of ether's decline and is resuming now, near local lows, after ETH has fallen about two-thirds from its peak.

There's a partial discrepancy on the on-chain trail. Last week, on-chain analyst EmberCN reported — citing Arkham data — that SharpLink had acquired 5,000 ETH through FalconX, a transaction the company had not confirmed at the time. Tuesday's disclosure of a 10,000 ETH total does not explicitly reconcile with that earlier 5,000 ETH sighting; SharpLink did not say whether EmberCN's figure was a subset of the announced purchase or a separate tranche. Treat the 5,000 ETH as an unconfirmed third-party observation until SharpLink or the chain reconciles it.

Alongside the ETH buy, SharpLink said it repurchased 2,132,773 SBET shares in the open market at an average price of $4.69, about $10 million in outlay. That brings cumulative repurchases to 4,071,223 shares since the buyback program began in August 2025.

Both purchases were bankrolled by a $75 million registered direct offering of common stock and warrants that completed in the week ended June 28. CEO Joseph Chalom said the raise "strengthened our balance sheet and provided the capital to support our active ETH treasury management strategy," adding that "every financing decision we make is based on our long-term objective to increase ETH per share." That is a claim from an interested party — the company describing its own strategy — and should be read as such.

On pricing, the two sources snapshot ETH at different moments: The Block put ether "above $1,550" on Tuesday, down 1.09% on the day; Decrypt's ticker showed $1,615.01. The gap is timing, not conflict, and both bracket SharpLink's $1,611 average buy price. SBET stock closed at $4.92 on Monday (up 2.29%) and slipped to $4.78 in early Tuesday trading, per The Block.

Key facts

• 10,000 ETH purchased, total holdings 886,725 ETH as of June 28 — SharpLink statement, via The Block.
• Average purchase price $1,611/ETH, ~$16.1 million — SharpLink, via The Block.
• First announced ETH buy in eight months (The Block) / first of 2026, with ETH ~68% off its peak (Decrypt).
• 2,132,773 SBET shares repurchased at avg $4.69; cumulative 4,071,223 shares since August 2025 — SharpLink, via The Block.
• $75 million registered direct offering of common stock and warrants closed week ended June 28 — SharpLink, via The Block.
• ETH price: "above $1,550," -1.09% 24h (The Block) / $1,615.01 (Decrypt ticker).
• SBET: closed $4.92 Monday (+2.29%), $4.78 early Tuesday — The Block.
• Unconfirmed: 5,000 ETH via FalconX, per EmberCN citing Arkham; not reconciled with the announced total.

The real-world read

The headline number — a $1.4-billion-plus ether treasury — is the least interesting part. The interesting part is the circularity. In a single week, SharpLink issued equity (the $75M common-stock-and-warrants offering), used proceeds to buy ETH, and simultaneously bought back its own shares. Raising stock and repurchasing stock in the same breath is not, on its face, "disciplined" — it's a wash unless the shares issued and shares retired are priced very differently, and the disclosures here don't let a reader verify that they were.

The "increase ETH per share" framing is doing heavy lifting. A buyback mechanically lifts ETH-per-share by shrinking the denominator — but the $75M raise (plus warrants, which are future dilution not yet in the count) pushes the denominator the other way. From the sources alone, the net effect on ETH-per-share is unknowable, because SharpLink disclosed neither its share count nor how many shares the $75M offering created. That's the number conspicuously left unsaid, and it's the only one that would let anyone test the CEO's central claim.

Note the timing, too. The company went quiet on accumulation for eight months while ETH fell, and is announcing purchases again now — buying at $1,611 after the drawdown. That may be conviction; it may be a company with fresh capital to deploy needing to show it's deploying. The sources support the fact of the gap, not the motive.

Finally, the warrants. A "common stock and warrants" offering hands buyers optionality that dilutes existing holders later if exercised. The press-friendly line is "strengthened our balance sheet." The unspoken half is that the strengthening came at the cost of an overhang the disclosure doesn't quantify.

Opinion, and whose

• SharpLink CEO Joseph Chalom frames every financing decision as serving a long-term goal to "increase ETH per share," and calls the strategy "disciplined and straightforward." That's the company's characterization of its own capital allocation.
• Decrypt anchors its coverage on the contrarian angle — that SharpLink is buying "with ETH down 68% from peak" — an editorial framing, not a SharpLink statement.
• EmberCN (on-chain analyst) asserted a 5,000 ETH FalconX purchase from Arkham data; that's an analyst's read of on-chain flows, unconfirmed by the company.
• No source offered an ETH price forecast, and neither should be read as one.

Sources

• The Block (Brian Danga, June 30, 2026) — primary detail: ETH and share-repurchase figures, the $75M offering, CEO quote, ETH/SBET prices, and the EmberCN/FalconX note. Tier 2 secondary, reporting SharpLink's own statement. The Block discloses Foresight Ventures as majority investor; it says it operates independently. Not sponsored.
• Decrypt (June 30, 2026) — the "first ETH buy of 2026 / down 68% from peak" framing and a live ETH price of $1,615.01. Tier 2 secondary. Not sponsored.
• SharpLink company statement / CEO Joseph Chalom — the underlying source for all purchase figures and the "ETH per share" framing; an interested party describing its own strategy. Treat as company marketing where it characterizes intent or discipline.
• EmberCN via Arkham — unconfirmed on-chain report of 5,000 ETH through FalconX; not reconciled with the announced total.

This is news coverage, not financial advice; nothing here is a recommendation to buy or sell any asset or security.