SharpLink Buys 5,000 ETH, Sits on $1.7 B Unrealized Loss
SBET•SharpLink acquired 5,000 ETH ($7.85M) for the first time in eight months, boosting its total to 876,285 ETH including 22,102 staked tokens valued at $1.4 billion. With ETH trading at $1,556 versus an average purchase price of $3,609, the firm sits on a $1.7 billion unrealized loss after reporting a $685.6 million net Q1 loss driven by non-cash write-downs.
1. Purchase Details
SharpLink resumed Ethereum purchases after an eight-month hiatus, acquiring 5,000 ETH worth $7.85 million via FalconX. This adds to its holdings of 876,285 ETH—including 22,102 tokens earned through staking—valued at approximately $1.4 billion.
2. Unrealized Losses and Cost Basis
Ethereum’s current trading price of $1,556 contrasts with SharpLink’s average cost basis of $3,609 per ETH, resulting in an unrealized loss of around $1.7 billion. The firm reported a $685.6 million net loss in Q1, largely due to non-cash markdowns on its ETH holdings.
3. Staking Revenue and Institutional Trends
Staking rewards boosted revenue to $12.1 million in Q1, up from $0.7 million a year earlier. Institutional demand for spot Ethereum ETFs has weakened, with outflows recorded for six consecutive weeks, signaling subdued appetite.
