SharpLink's Ethereum Treasury Surges 97% in 2 Months, Staking Drives DeFi Bet

SharpLink Gaming, Inc. (Nasdaq: SBET) reported a significant increase in its Ethereum (ETH) holdings and associated unrealized gains in its latest financial update. As of August 31, 2025, the company’s total ETH holdings reached 837,230, valued at over $3.6 billion. This represents a 17% increase from the prior week, driven by the acquisition of 39,008 ETH at an average price of $4,531. Cumulative staking rewards since the launch of its treasury strategy on June 2, 2025, have grown to 2,318 ETH, further enhancing the portfolio’s yield potential. The company’s ETH Concentration metric, which measures holdings per 1,000 diluted shares, rose to 3.94, reflecting a 97% increase since June.

The unrealized profits stem from the appreciation of ETH holdings, as the company’s average purchase price for recent acquisitions has risen steadily. For instance, the average purchase price increased from $3,634 in early August to $4,531 by late August. Analysts note that the growing exposure to ETH aligns with SharpLink’s strategy to leverage Ethereum’s market performance for shareholder value. The company’s treasury now holds approximately $71.6 million in cash and equivalents, with $46.6 million in proceeds raised through its At-the-Market (ATM) facility during the week of August 25–29.

SharpLink’s aggressive ETH acquisition strategy has been supported by its ATM program, which has raised $2.9 billion cumulatively since June 2025. The company has also approved a $1.5 billion stock buyback plan, signaling confidence in its capital structure. The board’s decision to prioritize ETH acquisitions over traditional treasury assets underscores its long-term bet on Ethereum’s role in decentralized finance (DeFi) and smart contract infrastructure.

The firm’s financial transparency is highlighted by its ETH Concentration metric, which provides investors with a clear view of its digital asset exposure. The metric, calculated by dividing ETH holdings by assumed diluted shares, has surged from 3.40 in July to 3.94 in late August. This growth reflects both new purchases and staking rewards, with the latter contributing 0.5 ETH in the most recent week.

While the company has not explicitly disclosed the total unrealized profit figure, the valuation increase from $3.7 billion in mid-August to $3.6 billion by late August suggests significant gains. The discrepancy in valuation may reflect market price fluctuations or accounting adjustments. SharpLink’s forward-looking statements caution that future results depend on ETH’s price volatility and broader regulatory developments.

The strategic shift to Ethereum as a primary treasury asset has positioned SharpLink as a key player in the crypto-adopting corporate sector. By aligning with Ethereum’s ecosystem, the company aims to capitalize on its growing adoption in DeFi and institutional finance. This approach contrasts with traditional asset allocations, emphasizing long-term value creation through digital infrastructure.

[1] SharpLink Announces Total ETH Holdings Rise to 837,230 as of August 31, 2025 (https://investors.sharplink.com/sharplink-eth-holdings-837230-staking-rewards-aug-2025/)

[2] SharpLink Announces Total ETH Holdings Increased to 797,704 as of August 24, 2025 (https://investors.sharplink.com/sharplink-announces-total-eth-holdings-increased-to-797704-as-of-august-24-2025-raised-360-9-million-in-net-proceeds-for-week-of-august-18-august-22-2025/)