SharpLink Gaming Doubles Down: $30M Ethereum Treasury Bet Signals Crypto Confidence
Another big player goes all-in on ETH. SharpLink Gaming just dropped $30 million more into its corporate treasury—because apparently, cash is for cowards.
Why Ethereum? Why now?
The gaming-tech firm's latest move screams institutional FOMO. While traditional finance still debates 'digital gold,' SharpLink's stacking ETH like it's going out of style—which, given crypto's volatility, might happen tomorrow.
Corporate treasuries flirting with crypto isn't new. But $30M? That's not flirting—that's a Vegas chapel wedding after three tequila shots.
One cynical take: Maybe they’re tired of watching their fiat rot in a 0.5% APY 'high-yield' account. Or maybe they actually believe in decentralized futures. Either way, it’s a bullish signal wrapped in a middle finger to legacy finance.
TLDR
- SharpLink Gaming purchased 12,207 ETH for $30.7 million between June 16-20, averaging $2,513 per token
- The company now holds 188,478 ETH total, making it the second-largest corporate ether holder behind Ethereum Foundation
- SharpLink sold 2.5 million company shares to raise $27.7 million to fund the ethereum purchases
- The company has staked 100% of its ETH holdings and earned 120 ETH ($293,811) in rewards since June 2
- SBET stock price jumped 7% on Tuesday following the announcement, trading at $9.66 at close
SharpLink Gaming completed its second major ethereum purchase in June, buying 12,207 ETH tokens for approximately $30.7 million. The Minnesota-based affiliate marketing firm made the purchases between June 16 and June 20, paying an average price of $2,513 per token.
SharpLink Gaming just purchased 12,207 $ETH worth $30.6 million.
SharpLink is super bullish on Ethereum. pic.twitter.com/4UvUDaq9m0
— Grey BTC (@greybtc) June 24, 2025
This latest acquisition brings SharpLink’s total Ethereum holdings to 188,478 ETH. The company now ranks as the second-largest corporate holder of ethereum, trailing only the Ethereum Foundation’s 213,072 ETH position according to Arkham Intelligence data.
The purchase follows SharpLink’s initial massive ethereum buy on June 13, when the company acquired 176,271 ETH for $463 million. That transaction established SharpLink as the publicly traded company with the largest ethereum holdings.
To fund the recent purchases, SharpLink sold 2,547,180 company shares through its at-the-market facility. The share sale generated $27.7 million in net proceeds, with the majority of funds directed toward the ethereum acquisition strategy.
Staking Strategy Generates Returns
SharpLink has implemented a comprehensive staking strategy with its ethereum holdings. The company placed 100% of its ETH tokens into staking solutions to generate additional returns.
Since June 2, the staking operations have produced 120 ETH in rewards, valued at $293,811 at current prices. This represents the company’s first tangible returns from its ethereum investment strategy.
Joseph Lubin, co-founder of Consensys and chairman of SharpLink’s board, expressed confidence in the strategy. He stated that increasing ethereum holdings reflects the company’s commitment to creating long-term stockholder value through digital asset exposure.
Lubin joined SharpLink’s board following a $425 million private placement led by Consensys on June 2. The funding round was specifically designed to support SharpLink’s ethereum acquisition plans and entry into staking and decentralized finance activities.
Stock Performance and Market Response
SharpLink’s stock price responded positively to the ethereum purchase announcement. SBET shares closed Tuesday trading at $9.66, representing a 7% gain for the day.
The stock continued climbing in after-hours trading, reaching $9.77 according to market data. Despite the recent rally, SharpLink’s share price remains down over 87% from its May 29 peak of $79.21.
The company reported challenging financial results in its most recent quarter. Net revenue declined 24% year-over-year during the quarter ended March 2025, while net profit margins fell 110% during the same period.
Ethereum traded at $2,448.43 as of Tuesday afternoon, up 6.57% in the previous 24 hours. The cryptocurrency maintained its position as the second-largest digital asset by market capitalization at $296.4 billion.
SharpLink’s ethereum strategy comes as institutional demand for the cryptocurrency increases. Recent data shows over 35 million ETH tokens have been staked, representing more than 28% of the total supply locked in smart contracts for rewards.
