SharpLink Gaming (NASDAQ: SBET) is increasing its stake in crypto. From June 16 20, 2025, the company bought in at a rate of 12,207 ETH, which had an average price of $2,513. In total, they invested $30.7 million into the expansion of its Ethereum holding. This is SharpLink’s second large scale crypto play. It brings the SharpLink Gaming Ethereum Treasury total to 188,478 ETH.
Funding was raised in an issue of the company’s At-The-Market (ATM) equity facility to the tune of $27.7 million. The company has put out word that they will be putting these resources back into ETH. It is a very bold move in terms of corporate digital asset adoption.
SharpLink Gaming Ethereum Treasury Now Top Public Holder
SharpLink is now the largest public ETH holder, reportedly ahead of the Ethereum Foundation’s 213,072 ETH wallet, according to Arkham Intelligence. A report from Arkham Intelligence suggests the Foundation holds 213,072 ETH. This puts them ahead of SharpLink’s 188,478.
Since the launch of its treasury program on June 2, 2025, SharpLink Gaming has put 100% of the SharpLink Gaming Ethereum Treasury to work. The company earns out 120 ETH in staking rewards. This translates to 18.97% growth in ETH per share. At present, staking yields are between 3-4% annually. We feel this is very competitive in relation to what is put out by traditional financial markets.
Strategy Led By Lubin
This crypto strategy, which is very aggressive, has the lead from Ethereum co-founder Joseph Lubin, now the chair of SharpLink’s board. This is a result of a $425M Consensys led private placement. Lubin’s action is bringing in top-level blockchain talent. It is also a sign of long-term commitment.
Lubin has founded Ethereum, put Consensys into operation, and also was VP of Technology at Goldman Sachs. In the lead up, SharpLink is to put together crypto asset management into the mix with their primary affiliate marketing business. This business includes associations with NBA, NFL, PGA TOUR, and NCAA.
Stocks Rise But Volatility Remains At Risk
SharpLink’s foray into crypto has created a stir in Wall Street. SBET stock went up 10% to $10.10 on the news of the latest ETH purchase. At the same time the stock is very volatile with a beta of 12.79 and 138% weekly price swings.
In a market which is very much in flux, the SharpLink Gaming Ethereum Treasury strategy reports a trend in public companies’ thinking. They now see digital assets as strong value drivers and not just speculatory plays.
