TLDR
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SharpLink boosts ETH stash to 859K with $76.5M stock raise.
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$3.5B in ETH assets cement SharpLink’s crypto treasury focus.
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Staking rewards hit 5,671 ETH as yields surge past $22M.
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Joseph Lubin’s leadership fuels SharpLink’s Ethereum pivot.
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SharpLink ranks second in global corporate ETH holdings.
SharpLink Gaming (SBET) surged sharply mid-morning, hitting $14.81 with a burst of trading momentum.
SharpLink Gaming, Inc. expanded its Ethereum position to 859,853 ETH after raising $76.5 million through a direct stock offering. The company purchased 19,271 ETH at an average price of $3,892 per token. This acquisition marks the firm’s first Ethereum buy since August 2025 and reflects continued confidence in its treasury strategy.
The capital raise was completed on October 17, 2025, at a premium to net asset value. Management swiftly deployed proceeds to acquire Ethereum below the offering price, enhancing immediate accretion. The move strengthened the company’s balance sheet while reinforcing its crypto-centric model.
SharpLink now reports $36.4 million in cash and equivalents, in addition to its Ethereum reserves. Weekly staking rewards rose by 0.5K ETH, adding further yield. The company reported cumulative staking rewards of 5,671 ETH since launching the strategy in June 2025.
ETH Holdings Reach $3.5 Billion as Staking Rewards Climb
SharpLink holds 601,143 native ETH and 258,710 ETH from as-if redeemed LsETH, based on the October 19 conversion factor. The company’s total ETH holdings are valued at approximately $3.5 billion, despite Ethereum’s slight market decline. ETH dropped around 4% to $3,869.91 during the week, according to The Block.
Staking continues to boost returns, with 326.4 native ETH and 132.5 LsETH added last week. This performance brings total staking earnings to over $22 million, based on current market rates. The firm remains focused on increasing ETH yields through strategic accumulation and consistent staking.
SharpLink’s ETH Concentration ratio reached 4.0, doubling since the treasury strategy began. The metric measures ETH held per 1,000 assumed diluted shares. The company uses this to enhance transparency into its digital asset yield performance.
Joseph Lubin’s Leadership and Strategic Pivot Reinforce Vision
Joseph Lubin, co-founder of Ethereum and CEO of Consensys, became Chairman of SharpLink in May 2025. His appointment followed a $425 million private investment led by Consensys, signaling a long-term Ethereum-focused direction. Under his leadership, SharpLink pivoted from online gaming to a full Ethereum digital asset treasury model.
SharpLink remains the second-largest Ethereum-based corporate holder, behind Bitmine Immersion. The company is now a leading example of how public firms can transition to blockchain-based treasury models. Its approach blends capital market activity with ETH accumulation to build long-term value.
SharpLink previously repurchased common shares when its stock traded below net asset value. Despite its ETH strength, the stock trades around $14.70—down from July and May highs. The firm continues executing its ETH acquisition strategy with financial precision and strategic intent.
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