SharpLink Gaming has expanded its Ethereum treasury to 728,804 ETH, keeping its position among the largest corporate holders of the asset. The shift comes as the administrative unit thrusts ahead on its Ethereum-based escrow plan that was facilitated in June 2025.
Ethereum Treasury Growth Driven by Fundraising
According to the Q2 2025 report, by increasing its Ethereum holding, SharpLink managed to raise over 2.6 billion. The money also included PIPE and registered direct offerings, which they used in acquiring ETH.
The company’s “ETH Concentration” metric, which measures ETH held per 1,000 diluted shares, nearly doubled. It increased from 2.00 to 3.95 since the start of the strategy.
In the past week alone, SharpLink secured an additional $900 million for further Ethereum purchases. This was accompanied by institutional demand in the ETH surging with the Ethereum ETFs in the United States buying the asset valued at a billion dollars.
ETFS JUST BOUGHT $1 BILLION USD OF ETHEREUM
BLACKROCK BOUGHT $640M $ETH
FIDELITY BOUGHT $270M $ETH
GRAYSCALE BOUGHT $80M $ETHTHE INSTITUTIONS ARE COMING FOR $ETH pic.twitter.com/lFt0dmINvj
— Arkham (@arkham) August 12, 2025
SharpLink has staked almost all its Ethereum portfolio, which is earning rewards of 1,326 ETH. Such rewards give rise to a yield that is not based on selling core assets.
SBET Shares Decline After Q2 Earnings
Despite the Ethereum expansion, SharpLink’s stock (SBET) closed at $21.25, down 9.45% after its earnings release. The decline followed the company’s reported Q2 net loss of $103.4 million.
SharpLink’s Q2 2025 revenue was $0.7 million, compared to $1.0 million in Q2 2024. Gross profit reached $0.2 million, representing 30% of revenue. Sales for the first half of 2025 were $1.4 million, down from $2.0 million a year earlier.
The decline in revenue was partly due to an $87.8 million write-down related to liquid staked ETH. Additionally, $16.4 million in share-based payments were made to Consensys, the Ethereum software firm with which SharpLink formed a strategic alliance.
Year-to-date, SBET shares remain up 176.76%, with a 127.08% gain over the past year, despite recent losses.
Leadership Changes Support Long-Term Ethereum Strategy
SharpLink has also made governance changes to strengthen its Ethereum growth plan. The Ethereum co-founder Joseph Lubin has come on board as the Board Chairman.
BlackRock digital head Joseph Chalom has been named Co-CEO. Such leadership appointments fit the company’s strategy of Ethereum as its primary reserve currency.
This long-term strategy of SharpLink is based on staking rewards and on the possibility of ETH increase in the future. The company has been pursuing a strategy of moving towards being a large corporate entity in the Ethereum ecosystem.
[…] the treasury expansion, SharpLink’s stock faced selling pressure. SBET fell 8.15% to $19.17, marking one of its sharpest single-day […]