TLDR
- SharpLink Gaming reported unrealized gains exceeding $900 million on its ETH treasury holdings since starting accumulation in June 2025
- The company holds roughly 839,000 ETH worth approximately $3.93 billion with zero debt on its balance sheet
- SharpLink’s ETH concentration per share has doubled over four months as it continued purchasing throughout summer 2025
- ETH treasury companies and ETFs combined now hold over 10% of Ethereum’s total supply, with BitMine Immersion Tech leading at 2.83 million ETH
- SharpLink stock rose 5.8% on Monday and is up 22.8% over the past month following the ETH price surge
SharpLink Gaming announced its Ethereum treasury holdings have generated unrealized profits exceeding $900 million since the company started its accumulation strategy in early June 2025. The company trades on Nasdaq under the ticker SBET.
The firm currently holds approximately 839,000 ETH on its balance sheet. SharpLink maintains this position with no debt obligations.
SharpLink shared the update in a post on X on Monday. The company stated its ETH concentration per share has nearly doubled during the four-month period since June.
The gains come as Ethereum’s price climbed to around $4,700 on Tuesday. This represents a nearly 4.5% increase from Monday’s levels near $4,500.
At current prices, SharpLink’s ETH holdings are valued at roughly $3.93 billion. The company controls approximately 0.69% of Ethereum’s total supply.
SharpLink began its treasury strategy on June 2, 2025. The company made an initial purchase of 176,300 ETH at that time.
Data from Strategic ETH Reserve shows the company conducted multiple buying waves through July and August. Since September, holdings have remained near the 839,000 ETH level.
The company described ETH as a “productive and yield-bearing asset” in its announcement. SharpLink previously revealed plans to tokenize its common stock on the Ethereum blockchain.
Treasury Strategy Plans
Joseph Lubin serves as chairman of SharpLink and is the founder of Consensys. Lubin told The Block that Consensys plans to work with SharpLink on projects involving Linea, its Ethereum Layer 2 network.
SharpLink stated it intends to stake part of its ETH holdings on the Layer 2 network. Lubin said SharpLink will continue accumulating ether.
“Linea will be able to do things in terms of risk-adjusted yield that we don’t think we’re going to see any time soon in the industry,” Lubin stated. He suggested a large amount of ether could be staked on Linea.
Market Performance and Industry Holdings
SharpLink stock closed up 5.8% on Monday at $19.24. The stock has risen 22.8% over the past month.
BitMine Immersion Tech holds the largest ETH treasury position among public companies. The firm controls 2.83 million ETH valued at $13.25 billion, representing about 2.34% of total supply.
The Ether Machine ranks third among corporate holders with almost 500,000 ETH. This position is valued at over $2.32 billion.
Ethereum ETFs now hold 6.83 million ETH worth approximately $32 billion. This represents about 5.63% of the total supply.
Treasury companies and ETFs combined control 12.49 million ETH valued at $58 billion. This amounts to over 10.3% of Ethereum’s total supply.
