SharpLink Goes All-In: Stakes 99%+ of Its 728,804 ETH Treasury in Bold Yield Play
DeFi whale SharpLink just put its money where its mouth is—locking up nearly every last ETH in its war chest.
The move screams confidence (or desperation?) as the protocol commits 728,804 ETH to validators. That’s not ‘dip a toe in’ money—that’s cannonballing naked into the staking pool during a bear market.
Why now? With ETH’s Shanghai upgrade finally letting stakers unlock funds, SharpLink’s timing either looks genius or like a latecomer chasing APY. Either way, it’s a nine-figure bet that Ethereum’s merge was just Act I.
Wall Street suits would call this ‘idiosyncratic risk.’ Crypto natives call it Tuesday. The real question? Whether this moonshot leaves SharpLink swimming in yields—or stranded in the withdrawal queue.
SharpLink’s Ethereum Gambit
Firms all around the world are choosing to stockpile Bitcoin right now, but ETH is growing as the second-favorite option. A big piece of that trend is SharpLink Gaming, which has been one of the world’s largest publicly listed ethereum holders for the last two months. Today, it showed the fruits of this strategy with its Q2 2025 results
NEW: SharpLink reports Q2 2025 results:
Total Raised: $2.6BHoldings: 728,804 ETH ($3.3B)ETH Concentration: 3.95 (98% increase)New Chairman: Joe Lubin @ethereumJosephNew Co-CEO: Joseph Chalom @joechalom pic.twitter.com/i4HC8hfKoX
Since making these substantial Ethereum investments, SharpLink has received a lot of benefits. This strategy has attracted significant institutional investment, allowing the firm to raise over $2.6 billion for ETH purchases. As a symbol of this TradFi integration, BlackRock’s crypto head joined SharpLink after over 20 years with the firm.
Staking and Potential Downsides
Based on some of the company’s other financial data, it’s clear why SharpLink made this Ethereum pivot so wholeheartedly. Compared to Q2 2024, its revenue is $0.7 million instead of $10 million, and net losses are at $103.4 million compared to $0.5 million. SharpLink’s gaming-related enterprises have completely tanked.
To make up for these losses, SharpLink has another key revenue stream: Ethereum staking. The company has been aggressively staking its ETH tokens, having successfully staked almost 100% of its tokens.
In passive income, it received 1,326 ETH in Q2, which has a market value of around $6 million. This doesn’t quite equal the firm’s revenue last year, especially since it hasn’t sold these tokens, but it highlights some of the advantages that ETH can hold over BTC treasuries.
Still, though Vitalik Buterin warned that this behavior could cause problems down the line. Ethereum’s blockchain infrastructure can handle the technical requirements, but he worries about overleveraging. This firm has replaced nearly its entire revenue stream with ETH passive rewards and stock sales, which could cause future instability.
