SharpLink Expands Treasury with 10,000 ETH Purchase and 2.13M Share Buyback
BMNR•SharpLink purchased 10,000 ETH at an average $1,611 per coin, raising its holdings to 886,725 ETH. It also repurchased 2.13 million shares at $4.69 each after raising $75 million, enhancing ETH backing per share.
1. Ethereum Purchase Details
SharpLink acquired 10,000 ETH at an average price of $1,611 per coin, bringing its total holdings to 886,725 ETH, the second-largest corporate treasury after BitMine. The position is valued at approximately $1.4 billion at current market prices.
2. Share Buyback Strategy
Concurrently, SharpLink repurchased 2,132,773 shares at $4.69 each, spending close to $10 million after raising $75 million in a premium stock offering. Management stated that buying ETH and shares at these valuations increases the amount of ETH backing each outstanding share.
3. Market Position and Outlook
This accumulation comes as market sentiment hits depths not seen since the FTX collapse, yet SharpLink has resumed ETH purchases after an eight-month pause. The firm cites long-term tailwinds in tokenization and staking income as justification for continued accumulation despite short-term volatility.
