886k ETH holdings + $75M in new ammo—this treasury strategy is even more aggressive than most DeFi protocols, and the “ETH exposure per share” narrative is indeed getting pushed to the extreme.

Wu learned that the Nasdaq-listed Ethereum treasury company Sharplink (Nasdaq: SBET) announced the purchase of 10,000 ETH at an average price of approximately $1,611, bringing its total ETH holdings as of June 28, 2026 to 886,725 ETH. The company also repurchased 2,132,773 shares of common stock on the open market at an average repurchase price of $4.69 per share; since the repurchase program was launched in August 2025, it has repurchased a total of 4,071,223 shares. Sharplink also said that it raised $75 million last week through a registered direct offering of common stock and warrants, and that the related capital allocation goal is to increase per-share ETH exposure.