SharpLink Gaming Acquires $667M in Ether, Expands Holdings to $3.2B

TLDR

• SharpLink Gaming purchased 143,593 ETH worth $667.4M at near-record prices ($4,648 per ETH)
• Total ETH holdings now at 740,760 ETH valued at approximately $3.2 billion
• Company reported generating 1,388 ETH in staking rewards from its holdings
• BitMine remains the larger ETH holder with 1.52 million ETH worth about $6.6 billion
• Three SharpLink directors sold significant shares worth about $351,000 each on August 18, 2025

SharpLink Gaming has made a major move in the cryptocurrency market, purchasing $667 million worth of Ether as the price of the second-largest cryptocurrency approached record highs. The sports betting platform acquired 143,593 ETH at an average price of $4,648 per ETH, according to a filing with the US Securities and Exchange Commission on Tuesday.

The purchase comes as institutional buying of Ethereum has picked up pace. SharpLink’s latest acquisition has increased its total Ether holdings to 740,760 ETH, currently valued at approximately $3.2 billion at market prices.

In its SEC filing, SharpLink also revealed it has generated 1,388 ETH in staking rewards. This indicates the company has been actively deploying its ETH holdings as validators in the Ethereum proof-of-stake network.

“As of Aug. 17, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking,” the company stated in its filing. SharpLink also acknowledged potential regulatory considerations, noting that “aspects of our staking activities may be subject to government regulation and guidance subject to change.”

Financial Performance and Stock Reaction

The ETH purchase comes shortly after SharpLink reported concerning financial results. The company posted a $103 million net loss for the second quarter of 2025, with a major contributor being a paper loss from accounting for liquid staked Ether.

The market response to these developments has been negative. SharpLink shares fell 12% on Friday and closed at $20.10 on Monday, representing a 13.5% decline over the past five trading days.

Adding to investor concerns, three company directors sold portions of their stock holdings on August 18, 2025. Directors Obie McKenzie, Leslie Bernhard, and Robert Gutkowski each sold approximately 18,334 shares, with sales valued around $351,000 per director.

Institutional ETH Accumulation Trend

SharpLink’s ETH purchases are part of a broader trend of institutional accumulation. Spot Ether exchange-traded fund issuers have recorded $3.7 billion in inflows from August 5 to the previous Thursday, showing growing institutional interest in the cryptocurrency.

BitMine, which competes with SharpLink for the largest corporate ETH treasury, reported purchasing 373,000 Ether on Monday. This acquisition brought BitMine’s total holdings to 1.52 million ETH, worth approximately $6.6 billion at current prices.

According to BitMine board chair Thomas Lee, this recent purchase has made BitMine the second-largest crypto treasury in the world. The only larger crypto treasury belongs to Michael Saylor’s Strategy.

The ETH buying spree comes despite price volatility in the market. Ether ETFs posted $197 million in outflows on Monday, the second-largest outflow on record, indicating mixed institutional sentiment about the cryptocurrency’s near-term prospects.

SharpLink’s strategy appears focused on long-term ETH accumulation and staking, despite short-term paper losses and stock price pressure. The company’s pivot toward Ethereum as a core financial strategy represents a major shift from its original sports betting focus.

Recent company filings show SharpLink’s revenue decreased to $0.7 million compared to the previous year. The $103.4 million net loss included a non-cash impairment of $87.8 million on its liquid staked ETH holdings, reflecting market price fluctuations.

SharpLink’s most recent ETH purchase at near-record prices of $4,648 per ETH demonstrates the company’s continued confidence in Ethereum’s long-term value, even as the market experiences volatility and its own stock faces selling pressure.

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