SharpLink Gaming Expands Ethereum Treasury With $667M Purchase

SharpLink Gaming has significantly boosted its Ethereum holdings with a $667 million acquisition, strengthening its position as one of the largest corporate holders of the cryptocurrency.

SharpLink’s $667M Ether Acquisition

The sports betting technology firm purchased 143,593 ETH at an average price of $4,648, bringing its total Ethereum holdings to 740,760 ETH. At current market levels, the treasury is valued at approximately $3.2 billion.

This latest purchase was funded through $537 million in net proceeds, which included $390 million from a registered direct offering and $146.5 million from its at-the-market program. The company also retains $84 million in cash reserves set aside for potential future acquisitions.

Staking Rewards and Validator Role

Beyond accumulation, SharpLink has been leveraging its ETH holdings to generate yield. The company has earned 1,388 ETH in staking rewards, with nearly all of its holdings deployed through Ethereum’s proof-of-stake (PoS) network. According to filings with the U.S. Securities and Exchange Commission (SEC), this includes participation in liquid staking protocols.

SharpLink acknowledged that its staking activities could be subject to evolving regulatory guidance, underscoring the potential risks tied to U.S. oversight of crypto staking services.

Financial Strain Amid Expansion

The acquisition comes despite SharpLink reporting a $103 million net loss in the second quarter of 2025. A significant portion of that figure was attributed to paper losses tied to accounting for liquid staked Ether (LsETH).

The market has also responded negatively, with the company’s stock dropping 12% on Friday and closing at $20.10 on Monday. The stock is further down 13.5% over the past five days of trading data. 

The firm’s strategy suggests a long-term conviction in Ethereum’s role in digital asset markets, with executives continuing to double down even amid financial headwinds.

Growing Institutional Demand for Ethereum

SharpLink’s aggressive ETH strategy coincides with a wave of institutional interest in the asset. Spot Ether ETF issuers collectively recorded $3.7 billion in inflows between August 5 and mid-August, highlighting increasing demand from large investors.

Still, SharpLink trails its primary rival BitMine Immersion Technologies, which recently purchased 373,000 ETH, boosting its total holdings to 1.52 million ETH valued at $6.6 billion. BitMine’s balance sheet makes it the largest known Ethereum treasury, while SharpLink remains the second largest corporate holder.

The competition between SharpLink and BitMine reflects a broader trend of corporations amassing substantial cryptocurrency reserves. Together, the two firms account for a significant portion of institutional Ethereum ownership, signaling heightened confidence in the asset’s long-term value.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice