Ether Treasury Firm Resumes Buying as Crypto Falls With Risk Assets

SharpLink, the second-largest corporate holder of ether, received 5,000 ether worth about 7.85 million dollars on Thursday, its first inflow since October, even as the company holds a paper loss of roughly 1.8 billion dollars on its holdings. The purchase came during a broad selloff in digital assets that has followed the decline in equities.

Bitcoin traded near 59,400 dollars on Friday, down from about 62,651 dollars two days earlier, after it breached the 62,000-dollar level earlier in the month and triggered roughly 1.5 billion dollars in liquidations of leveraged positions. The drop has followed the same dollar strength and Federal Reserve rate-increase expectations that are pressuring gold and silver, undercutting the idea that crypto moves independently of traditional risk assets.

The episode illustrates the rise of corporate vehicles built to accumulate a single digital asset on their balance sheets. These treasuries deepen the link between public equity markets and crypto, but they also concentrate the cycle's losses when prices fall, as SharpLink's paper deficit shows.