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Ethereum treasury firm Sharplink purchased around $16 million worth of ETH last week, marking its first crypto buy since last year.
Sharplink bought 10,000 ETH and repurchased 2.13 million SBET shares after completing a $75 million capital raise.
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.
The buy came days after a group of former Ethereum Foundation researchers launched Ethlabs, a nonprofit Sharplink helped fund.
In May, Sharplink CEO Joseph Chalom named three catalysts that could push up the price of Ether, some of which have begun to materialize.
