SharpLink Boosts Ethereum Holdings by 3.9% in Week, Raises $64 Million

SharpLink, a Minneapolis-based firm, has made significant strides in its Ethereum strategy, purchasing an additional 7,689 ETH between June 28 and July 4, 2025. The acquisition, made at an average price of $2,501 per token, including transaction fees, has increased SharpLink’s total holdings to 205,634 ETH, solidifying its position as the largest publicly traded company with Ethereum as its primary treasury reserve asset. This move underscores SharpLink’s commitment to aligning with the future of digital capital.

To support this expansion, SharpLink raised $64 million in net proceeds through its At-The-Market (ATM) equity facility, selling 5.49 million shares of common stock. Of this amount, $37.2 million was raised on July 3, though it had not yet been used for acquisitions by the end of that business day. A substantial portion of this capital is expected to be deployed in the coming week. SharpLink has committed 100% of its holdings to staking and staking protocols, earning an estimated 100 ETH in rewards between June 28 and July 4, contributing to a total of 322 ETH since the program began on June 2, 2025.

SharpLink’s aggressive Ethereum strategy has sparked a competitive race among other companies. Bit Digital, listed on Nasdaq, has completely converted its Bitcoin holdings to Ethereum, amassing 100,603 ETH to form an exclusive Ethereum Treasury. Bitmine, led by Tom Lee, has raised $250 million to build its own ETH reserves, intensifying the competition for the largest Ethereum Treasury. This shift in focus towards Ethereum reflects a broader trend among companies looking to capitalize on the growing institutional trust in digital assets.

While some analysts have expressed concerns about SharpLink’s overall financial health, including ongoing losses and revenue tools, supporters of the company’s strategy believe that its focus on crypto and Web3 technologies may give it a competitive edge. The company’s bold strategy of continuous buying has garnered positive market sentiment, with the price of ETH experiencing a moderate upward movement, currently trading at $2,592.81, marking a 2.19% increase in the last 24 hours. This price surge reflects growing confidence in the company’s strategy and the broader market’s acceptance of Ethereum as a viable treasury asset.

BlackRock, led by Larry Fink, has also shifted its focus to accumulating over 1.5 million ETH, as revealed by ETF filings and on-chain data. This move has further boosted market confidence and is seen as a strong signal of growing institutional trust in the future of digital assets. However, managing a crypto treasury is not without risks. Volatility, regulatory grey areas, and market liquidity can pose challenges even for experienced finance professionals. SharpLink’s transparency-first approach, highlighted by the introduction of its Concentration metric, sets a new standard in corporate crypto reporting. This tool provides shareholders with a real-time understanding of ETH exposure per 1,000 diluted shares, offering clarity rarely seen in corporate crypto reporting.

Compared to companies like Tesla or MicroStrategy that favor Bitcoin, SharpLink stands out as a leader in Ethereum adoption. Unlike firms that hold passively, SharpLink is actively engaging with the Ethereum ecosystem, positioning itself uniquely among holding corporates and making it a case study for functional adoption rather than speculative holding. Holding Ethereum on the balance sheet invites regulatory scrutiny, as US GAAP accounting requires it to be marked to market each quarter, leading to earnings volatility. Additionally, evolving regulations around staking income and token classification must be closely monitored. Despite these challenges, SharpLink’s commitment to compliance and financial transparency gives it an edge in navigating this complex environment.