Sharplink adds $62.4M in Ethereum despite ETH’s weak demand – Here’s why

Sharplink, the second-largest Ethereum [ETH] treasury company, purchased an additional 29,196 ETH for $46.7 million on the 27th of June. In fact, Lookonchain reported that the Ethereum DATs amassed 39,196 ETH, worth $62.4 million, over the last three days. 

This marks Sharplink’s second purchase after an eight‑month pause. The first occurred when the firm added 5,000 ETH through FalconX, worth about $7.88 million at an average price of $1,576. With these acquisitions, Sharplink now holds 868,699 ETH in total, including 22,102 staked tokens. Meanwhile, its stock closed at $4.81, up 5.48% from the prior trading day. 

Sharplink vs. Bitmine

Meanwhile, on the 22nd of June, Bitmine, the biggest Ethereum DAT, paid $92 million to acquire an additional 52,203 Ethereum. As of right now, Bitmine has 5,672,956 ETH worth $8.92 billion.  

Bitmine’s Tom Lee also stressed that his firm plans to continue growing steadily through 2026 and ultimately accomplish the “alchemy of 5%.” Although Sharplink has not yet disclosed such plans, the ETH accumulation strategy has been relatively comparable. 

Ethereum’s market dynamics paint a concerning picture

All this happened as ETH was trading at $1,568.75, the lowest level since April 2025. Meanwhile, Ethereum’s Spot Taker CVD has lost some of its aggressive buying momentum, which is a major shift compared to June 2025.

Although buyers are still present in the market, their influence has waned. Unlike the strong accumulation phase seen a year ago, the current demand indicates buyer exhaustion.

Final Summary

• Sharplink added more ETH in the past three days, pushing its total ETH holding to 868,699 ETH in total.
• Sharplink’s stock price also jumped after the ETH accumulation, but ETH’s price was changing hands around the $1500 price level.