SharpLink Gaming, a major U.S.-listed company, has grown its Ethereum (ETH) treasury to 728,804 ETH after raising $2.6 billion in a fundraising campaign.
The company announced in its Q2 2025 report that it launched a plan on June 2, 2025, making ETH its main reserve. Joseph Lubin, Ethereum’s co-founder, joined as Chairman, and Joseph Chalom, former head of digital assets at BlackRock, became Co-CEO.
The company aims to give investors a clear way to participate in Ethereum’s growth, using disciplined capital formation and active treasury management with Nearly all ETH holdings are staked, earning rewards without having to sell any.
Since the strategy began, SharpLink’s ETH Concentration, a metric showing ETH per 1,000 shares, rose from 2.00 to 3.95. In the past week alone, the company raised $900 million to buy more Ethereum.
Meanwhile, U.S.-listed Ethereum ETFs also purchased $1 billion in ETH as the price neared an all-time high. Staking has already earned SharpLink 1,326 ETH in rewards, adding steady value without liquidating the treasury.
Furthermore, SharpLink reported a Q2 net loss of $103.4 million. Revenue for the quarter was $0.7 million, down from $1.0 million a year earlier. Gross profit stood at $0.2 million, or 30% of revenue.
The net loss included an $87.8 million non-cash impairment on liquid staked ETH and $16.4 million in stock-based compensation paid to Consensys, the Ethereum software company partnered with SharpLink. Despite the losses, SBET shares fell 14% to $21.25, while the stock is still up 176.76% year-to-date, according to Yahoo Finance.
Chalom said, “Our second quarter marked the exciting launch of SharpLink’s ETH treasury strategy, which has positioned us at the center of a transformational opportunity in global finance and technology.” Lubin added, “SharpLink is actively compounding value for our fellow stockholders through yield generation and intelligent capital deployment.”
SharpLink’s strategy emphasizes long-term ETH growth, staking rewards, and building an institutional-grade treasury. The company remains one of the largest companies holding Ethereum and is working to grow its role in the expanding world of decentralized finance.
