SharpLink Gaming, Inc. has advanced its Ethereum treasury strategy by acquiring 728,804 ETH and staking nearly all holdings. The company’s move came after securing over $2.6 billion in capital to strengthen its position in the Ethereum ecosystem. This approach is aimed at growing its yield and increasing long-term value for shareholders.
Wu Blockchain reported that since June 2025, Ethereum has become SharpLink’s main reserve asset. The company’s new strategy includes active treasury management and partnerships to enhance its ETH-based operations. Nearly 100% of SharpLink’s ETH is staked, which has generated about 1,326 ETH in rewards so far.
SharpLink reported Q2 2025 results and revealed its ETH holdings have reached 728,804. Since June, ETH became its main reserve asset. The company raised over $2.6B to expand its position and has staked nearly all ETH, earning 1,326 ETH in rewards.https://t.co/Ik9MYYiMzA
— Wu Blockchain (@WuBlockchain) August 15, 2025
Capital Formation and Treasury Expansion
SharpLink raised over $2.6 billion through a mix of PIPE, At-The-Market, and Registered Direct offerings. The funds were used to rapidly expand ETH acquisitions under its new treasury strategy launched in June 2025. The company’s ETH concentration metric, which measures accumulation efficiency, rose by 98% in weeks.
The leadership team was strengthened with industry figures Joseph Lubin, Co-Founder of Ethereum, as Chairman of the Board. Joseph Chalom, formerly with BlackRock, joined as Co-Chief Executive Officer. SharpLink also formed a strategic partnership with Consensys to support its Ethereum-focused initiatives.
Financial Performance and Accounting Effects
For the second quarter of 2025, SharpLink reported $0.7 million in revenue, down from $1.0 million a year earlier. Gross profit was $0.2 million, representing 30% of revenue, compared with $0.3 million in the prior year. Operating expenses rose to $2.3 million from $1.5 million, alongside non-cash stock-based compensation of $16.4 million linked to its Consensys agreement.
The company recorded a $87.8 million non-cash impairment on liquid staked ETH holdings due to U.S. GAAP rules. The impairment was based on the lowest market price of LsETH since acquisition, reducing the carrying value to $382.4 million. SharpLink noted it had not sold or redeemed any LsETH during the quarter.
Strategic Outlook and Market Position
SharpLink described Ethereum as a foundational layer for the decentralized economy. The company stated its ETH-focused approach aims to generate yield while aligning shareholder growth with Ethereum’s development. Staking rewards and active capital deployment form the core of this strategy.
With its large ETH position, SharpLink is now one of the largest corporate holders of Ethereum globally. The company plans to maintain institutional-grade management of its crypto reserves, supported by experienced capital markets professionals and leading custodians. Its latest actions place it in a competitive position among public companies with crypto treasuries.
