SharpLink Gaming’s Ethereum Treasury Surge Can’t Save ETH From Price Woes

GameFi's latest player just loaded up on ETH—but the market isn't impressed.

While SharpLink Gaming's treasury swells with Ethereum, the second-largest crypto keeps tripping over its own bullish potential. Here's why the smart money's still waiting on the sidelines.

When corporate treasuries talk, crypto markets listen—except when they don't. SharpLink's strategic accumulation screams confidence, yet ETH's chart whispers 'institutional indecision.' Typical.

The real plot twist? This isn't about fundamentals anymore. It's about whether ETH can finally break free from being crypto's most reliable disappointment—right after your average Wall Street analyst's predictions.

Almost $300K in Staking Rewards in 3 Weeks

The Minneapolis-based firm funded the purchase by raising $27.7 million in net proceeds through its at-the-market offering, selling over 2.5 million shares.

SharpLink said that all of its Ethereum holdings have been staked, generating 120 ETH rewards, or around $293,000, since it launched its ETH-focused treasury strategy on June 2. It added that since then, the firm has achieved ETH per share growth of 19%.

SharpLink board chairman and CEO of ConsenSys, Joseph Lubin, said increasing Ethereum holdings underscores the firm’s “forward-thinking approach to creating long-term value.”

“This MOVE reflects our confidence in Ethereum’s utility and our commitment to exploring transformative technologies that can unlock new value for our business and stockholders alike.”

The move follows a $450 million funding round earlier this month from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital.

Institutional investors and funds remain keen on Ethereum even if retail is staying away. BlackRock’s ETHA fund bought $98 million worth of the asset on Tuesday.

The nine spot Ether ETFs in the United States have seen more than $1 billion in inflows so far this month, with just two minor outflow days. This represents a quarter of the entire aggregate inflow for spot ETH funds since they launched in mid-2024 … in less than a month!

ETH Prices Stagnant

Ethereum has struggled over the past week, falling below $2,200 on Monday and only managing to recover marginally.

The asset has failed to reclaim resistance at $2,500 and was wallowing around $2,440 at the time of writing, following a minor gain on the day.

Aside from the dip earlier this week, Ethereum has been tightly range-bound for the past nine weeks and needs to see momentum above $2,800 for any serious moves higher to materialize.

Analysts and holders remain quietly confident, though some have even called it a stablecoin for lack of movement over the past couple of months.