Sharplink Buys $62.4M of ETH as Demand Softens

Sharplink, the second-largest Ethereum (ETH) treasury firm, added 29,196 ETH on June 27 for $46.7 million. On-chain tracker Lookonchain said the company accumulated 39,196 ETH over the past three days, a position valued at $62.4 million. The latest buying spree marks Sharplink's second ETH purchase after an eight-month hiatus. Its earlier return to the market involved a 5,000 ETH purchase via FalconX, worth about $7.88 million at an average price of $1,576. Following these acquisitions, Sharplink's total ETH holdings stand at 868,699 ETH, including 22,102 staked tokens. The company's shares ended the session at $4.81, up 5.48% day over day. Bitmine, the largest Ethereum treasury holder, also expanded its position on June 22, spending $92 million to buy 52,203 ETH. Bitmine now holds 5,672,956 ETH, valued at $8.92 billion. Tom Lee of Bitmine said the firm aims to keep growing steadily through 2026 and ultimately achieve the "alchemy of 5%." The purchases come as ETH trades near $1,568.75, its lowest level since April 2025. CryptoQuant data show Ethereum's spot taker CVD has cooled materially versus June 2025, signaling a loss of aggressive buying pressure. Buyers remain active, but their impact appears diminished, pointing to signs of demand fatigue. Sharplink's recent ETH accumulation lifted its total holdings to 868,699 ETH and coincided with a rise in its stock, even as ETH hovered around the $1,500 level.