Sharplink buys US$62.4M of Ether in three days
Share
- Sharplink purchased approximately US$62.4 million worth of Ether over three days, signalling a return to its Ether accumulation strategy after an eight-month pause.
- The acquisitions coincided with Sharplink's backing of Ethlabs, a new initiative focused on preparing Ethereum for institutional adoption.
- The purchases came despite continued weakness in Ether's price and ongoing outflows from US spot Ether exchange-traded funds.
Sharplink has purchased approximately 39,196 Ether (CRYPTO:ETH) worth about US$62.4 million over three days, marking a return to its Ether accumulation strategy after an eight-month pause.
On-chain data showed the company acquired 5,000 ETH on Thursday, another 5,000 ETH on Friday and a further 29,196 ETH through three over-the-counter transactions on Saturday.
The buying activity came during the same week Sharplink announced its support for Ethlabs, a new research and development organisation established to prepare the Ethereum network for greater institutional adoption.
"As stablecoins, tokenised real-world assets, funds and autonomous AI commerce move on-chain, they are converging on Ethereum as the neutral, credibly permissionless settlement layer for the global economy," Sharplink said.
Sharplink said Ethlabs was created alongside Bitmine, Ethereum co-founder and Sharplink chairman Joe Lubin, and other Ethereum contributors to help ensure the network can support growing institutional demand.
The purchases also occurred during a period of continued weakness for Ether, which has fallen approximately 22.8% over the past month and nearly 50% since the beginning of the year.
US spot Ether exchange-traded funds also recorded a seventh consecutive week of net outflows, with approximately US$12.9 million leaving the sector, led by withdrawals from BlackRock's iShares Ethereum Trust.
At the time of reporting, Ethereum price was $1,580.80.
