On September 14, 2025, SharpLink Gaming, Inc. (Nasdaq: SBET) grew its Ethereum treasury to 838,152 ETH, worth $3.86 billion. Nearly all assets are staked, producing yields that have already added 3,240 ETH to reserves. The company also repurchased 1,000,000 shares under its $1.5 billion buyback plan, reinforcing shareholder value as SBET trades below net asset value.
Key Takeaways
- SharpLink Gaming (SBET) expanded its Ethereum holdings to 838,152 ETH worth $3.86 billion.
- Nearly all holdings are staked, generating over 3,240 ETH in rewards.
- The firm launched a $1.5 billion share buyback, starting with 1 million shares.
- Strategy mirrors MicroStrategy’s Bitcoin playbook but focuses on Ethereum adoption.
SharpLink funded the accumulation through its At-the-Market equity facility, which allows the company to raise capital while limiting dilution. Co-CEO Joseph Chalom said the treasury strategy leverages Ethereum as a core reserve asset to support long-term growth.
Evolution Of SharpLink’s Ethereum Treasury Strategy
The Ethereum treasury strategy began in June 2025, shifting SharpLink from a sports betting affiliate to a leading corporate ETH holder. The company’s initial purchase of 176,271 ETH for $463 million made it the largest publicly traded Ethereum holder worldwide, second only to the Ethereum Foundation.
Since then, SharpLink has expanded rapidly: 360,807 ETH by July, 438,190 ETH after additional fundraising, and 837,230 ETH by the end of August. Alongside purchases, staking rewards steadily rose, while ETH concentration per 1,000 diluted shares increased more than 97%.
Long-Term Impact Of SharpLink’s Ethereum Treasury
By staking nearly all ETH holdings, SharpLink secures passive income while aligning its growth with Ethereum’s scaling roadmap. Analysts suggest the strategy could mirror MicroStrategy’s Bitcoin play, positioning SharpLink as a corporate leader in Ethereum adoption. The company launched its buyback program at $15.98 per share to close the gap between SBET’s market cap and its ETH-backed net asset value. Shares already climbed 6.59% to $16.69 following the move.
Challenges remain, including ETH volatility, regulatory uncertainty around corporate crypto treasuries, and dilution risks from future equity raises. However, SharpLink’s Ethereum treasury continues to strengthen its market positioning, potentially drawing institutional investors and influencing peers in the gaming-tech sector.
