For the first time in eight months, crypto treasury firm Sharplink (NASDAQ: $SBET) has bought Ethereum (CRYPTO: $ETH).

Sharplink bought 5,000 Ethereum worth $7.85 million U.S. on June 25, its first purchase in eight months, according to market data.

While the purchase is small compared to the company's existing Ethereum pile, it is nevertheless being taken as an encouraging sign by crypto bulls.

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Sharplink held 876,285 ETH worth $1.3 billion U.S. on June 21 of this year.

That makes Sharplink the second-largest Ethereum treasury company after Bitmine Immersion Technologies (NYSE: $BMNR), which owns 5.67 million ETH.

The last Ethereum purchased by Sharplink occurred in October 2025, when it added 19,270 ETH for $78.3 million U.S.

Sharplink's average purchase price of Ethereum is estimated at $3,609 U.S. per coin, which implies an unrealized loss on its holdings of $1.79 billion U.S.

The latest purchase by Sharplink comes with Ethereum currently trading at $1,532 U.S., down nearly 50% in this year's first half.

SBET stock has declined 55% in the past 12 months to trade at $4.56 U.S. per share.