SharpLink Invests $19.2M Into ETH as It Furthers Ethereum Treasury Strategy

By Marco Piccolo

eToro

Key highlights:

  • SharpLink Gaming acquired 7,689 ETH, raising its total holdings to 205,634 ETH, with 100% committed to staking protocols.
  • The company raised $64 million via an At-The-Market share sale, earmarking $37.2 million for further ETH purchases.
  • A new metric, “ETH Concentration,” shows a 19% rise in ETH holdings per 1,000 diluted shares since mid-June.

Strategic ETH acquisitions and staking rewards

SharpLink Gaming Inc (SBET) has deepened its Ethereum-focused treasury strategy with the acquisition of an additional 7,689 ETH between June 28 and July 4, 2025. The Minneapolis-based online gaming company spent approximately $19.2 million at a weighted average price of $2,501 per ETH, increasing its total holdings to 205,634 ETH.

The move reinforces SharpLink’s positioning as what it claims to be the world’s largest publicly traded firm to adopt Ethereum as its primary treasury reserve asset. All of its ETH holdings are staked or restaked in yield-generating protocols, and the company has earned 322 ETH (worth around $2.1 million) in rewards since the strategy’s inception on June 2.

To fund its crypto expansion, SharpLink raised $64 million through an At-The-Market (ATM) share sale, offloading nearly 5.5 million shares. Of this, $37.2 million raised on July 3 remains unallocated and is expected to be used for additional ETH purchases in the near term.

ETH Concentration metric and market response

To enhance transparency for investors, SharpLink introduced a proprietary metric called “ETH Concentration,” which calculates the number of ETH held per 1,000 diluted shares outstanding. This metric has risen from 2.00 to 2.37 ETH since mid-June—a 19% increase in just three weeks.

SharpLink Chairman and Ethereum Co-Founder Joseph Lubin emphasized the company’s “disciplined execution” and focus on “maximizing long-term value for shareholders” through its ETH-centric treasury approach.

SharpLink’s stock reacted positively to the announcement, surging as much as 26% to a recent high of $15.93 before settling around $14.80. The firm’s strategic pivot mirrors broader interest in Ethereum as a treasury asset, following similar moves by other publicly traded companies like Bit Digital.

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