SharpLink Gaming Doubles Down on ETH: 728,804 Coins Amid $103M Q2 Bloodbath

SharpLink Gaming just made a power play—stacking 728,804 ETH while posting a nine-figure loss. Talk about betting big while bleeding bigger.

The ETH Pile-Up

While the market flinches, SharpLink’s vault swells—728,804 ETH now sits on their balance sheet. Bullish conviction or reckless hedging? The crypto crowd’s divided.

$103M Reality Check

Q2 earnings dropped like a bad altcoin—$103M in red ink. ‘Strategic investments,’ they call it. Wall Street calls it ‘another Tuesday in crypto land.’

The Bottom Line

SharpLink’s playing high-stakes poker: all-in on ETH while the house burns. Either they’re visionaries… or the next cautionary tale. Place your bets.

SharpLink Gaming, one of the world’s largest corporate holders of Ether, announced its financial results for the quarter ended June 30, 2025. It also provided updates on the growth of its ETH treasury strategy.

In a latest press release, Sharplink revealed that it now owns 728,804 ETH and has staked nearly all of it, generating approximately 1,326 ETH in cumulative rewards to date. 

SharpLink Doubles Accumulation Efficiency

Sharplink’s ETH Concentration metric has nearly doubled in just weeks, rising 98% from 2.00 to 3.95, showing rapid and efficient accumulation.

“Our second quarter marked the exciting launch of SharpLink’s ETH treasury strategy, which has positioned us at the center of a transformational opportunity in global finance and technology. In the short period since launching our strategy, we’ve raised significant capital and scaled our ETH holdings in a highly accretive manner,” said Co-CEO Joseph Chalom.

In June, the company made a strategic move and chose ETH as its main treasury asset. Sharplink has also partnered with Consensys, the world’s largest ethereum software company, which gives it a unique edge in the ETH treasury space. 

SharpLink Reports Q2 Loss

SharpLink reported revenue of $0.7 million for the quarter, slightly down from $1 million in Q2 2024. It posted a $103 million net loss for the quarter, largely due to an $87.8 million non-cash accounting adjustment on its liquid staked ETH.

Following the earnings release, SharpLink’s stock fell about 10% to $21.15.

Meanwhile, leading Ethereum treasury holder, Bitmine Immersion, also continues stacking up Ether and currently holds 1.2 million ETH worth over $5 billion. 

Treasury Buying Could Push ETH Higher

Analyst Miles Deutscher highlights that treasury companies have $27 billion ready to buy ETH. That’s about 5% of all ETH ever created and one-third of what is currently on exchanges. With so much demand and limited supply, he expects a significant price squeeze.

https://x.com/milesdeutscher/status/1955554959682105530

ETH demand from treasury companies and ETFs is expected to stay strong. Standard Chartered sees ETH hitting $7,500 by the end of 2025, while Fundstrat predicts it could go as high as $15,000.