U.S. firm SharpLink Gaming has significantly expanded its Ethereum holdings to $3.5 billion, reinforcing its strategic shift towards digital assets amid wider corporate adoption of cryptocurrency.
The Minnesota-based company recently added 19,271 ETH to its treasury, bringing its total reserves to 859,853 ETH. This positions SharpLink as one of the largest corporate holders of Ethereum globally.
This substantial accumulation follows SharpLink’s pivot in June from its former online gaming business model to an Ethereum-based treasury strategy. The firm’s Nasdaq-listed shares (SBET) fell nearly 2% to $14.35 on Tuesday, even as the company solidified its digital asset position.
Ethereum co-founder Joseph Lubin assumed the chairmanship of SharpLink’s board in May, a move that followed a $425 million private investment round led by Lubin’s Consensys and other institutional investors. Lubin’s involvement underscores SharpLink’s vision to become an Ethereum-native enterprise focused on infrastructure and asset management.
Despite Ethereum’s price dipping about 4% to $3,990 on Tuesday, the overall value of SharpLink’s treasury remained stable compared to the previous month. The company has also generated over $22 million from staking its Ethereum holdings, accumulating 5,671 ETH in rewards.
This staking approach aims to combine secure asset custody with passive yield generation within the Ethereum ecosystem. SharpLink’s aggressive strategy highlights a growing trend among companies to diversify their balance sheets with digital assets.
Publicly traded companies now collectively hold over $16 billion in Ethereum reserves, according to a report by The Block. SharpLink ranks as the second-largest corporate Ethereum treasury, trailing only BitMine Immersion, which holds over 3.24 million units.
Some analysts project a potential upside of nearly 200% for SharpLink’s stock in the medium term, despite recent bearish trends. The company’s evolution reflects increasing institutional interest in Ethereum as a strategic reserve, signaling a maturing cryptocurrency market.