The second-largest corporate ether holder received 5,000 ETH worth about $7.85 million on Thursday, its first inflow since October, even as it sits on a paper loss of roughly $1.8 billion.

• Sharplink received 5,000 ether worth about $7.85 million from FalconX, its first ether inflow in eight months, even as the token slid in a broad crypto sell-off.
• The company now holds about 876,285 ether, making it the second-largest public ether treasury, but it faces an estimated $1.79 billion unrealized loss with prices far below its average purchase cost.
• Despite surging revenue and an expanded focus on ether staking and onchain yield strategies, Sharplink’s shares have dropped roughly 27% in a month and 50% over six months.

Sharplink (SBET) received 5,000 ether (ETH) worth about $7.85 million on Thursday, its first ether inflow in eight months, according to Arkham data showing the coins arriving from crypto brokerage FalconX.

The inflow is small against the company's existing pile and lands at an awkward moment. Sharplink held 876,285 ether as of June 21, worth roughly $1.3 billion, making it the second-largest public ether treasury company behind Tom Lee's Bitmine Immersion (BMNR), which held about 5.67 million ether in mid-June.

Onchain analyst EmberCN put Sharplink's average purchase price at about $3,609 per coin, which implies an unrealized loss of around $1.79 billion with ether trading near $1,555.

Its last inflow came in October 2025, when it added 19,270 ether for $78.3 million, also now deep underwater.

The ether arrived as the token fell 5% over 24 hours in a broad crypto selloff, dropping below $1,560 as bitcoin slipped under $59,000. Tether's USDT briefly overtook ether by market value during the rout, at about $186 billion to ether's $185 billion.

Sharplink has leaned harder into ether even as the price has fallen. It rebranded from SharpLink Gaming in February while expanding from basic ether staking, locking up tokens to help secure the network in exchange for rewards, into other onchain yield strategies.

It reported $12.1 million in revenue in the first quarter, compared to $742,000 a year earlier.

The company recently backed Ethlabs, a nonprofit founded by former Ethereum Foundation researchers to ready the network for wider institutional use, alongside Bitmine and Ethereum co-founder and Sharplink chairman Joe Lubin.

The market has not rewarded the conviction, however. Sharplink's Nasdaq-listed shares closed down 3.5% at $4.56 on Thursday and have fallen about 27% in a month and 50% over six months.

Sharplink has not publicly confirmed the transfer. CoinDesk has reached out for comment.

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