SharpLink Grows ETH Holdings to 205,634; Earns 322 ETH in Staking Rewards Since Launch of Treasury Strategy on June 2, 2025

Rhea-AI Summary

SharpLink Gaming (Nasdaq: SBET), the largest public company using Ethereum as its primary treasury reserve, has significantly expanded its ETH holdings to 205,634 ETH. The company acquired 7,689 ETH at an average price of $2,501 per ETH between June 28-July 4, 2025.

To fund this expansion, SharpLink raised $64.0 million through its ATM facility, selling 5.5 million shares. Of this, $37.2 million is pending deployment for additional ETH purchases. The company has committed 100% of its ETH holdings to staking protocols, earning 322 ETH in staking rewards since June 2.

SharpLink introduced a new "ETH Concentration" metric, which has increased from 2.00 to 2.37 ETH per 1,000 assumed diluted shares, representing a 19% rise in three weeks.

Positive

• Accumulated significant ETH holdings of 205,634 ETH through strategic purchases
• Generated 322 ETH in staking rewards since June 2, 2025
• Successfully raised $64.0 million through ATM facility for continued ETH acquisition
• 100% of ETH holdings committed to staking and restaking protocols for yield generation
• ETH Concentration metric increased by 19% in three weeks

Negative

• Significant shareholder dilution through ATM facility share sales of 5.5 million shares
• High concentration in single crypto asset (ETH) increases portfolio risk
• Large pending capital deployment of $37.2 million subject to ETH price volatility risk

Insights

Cryptocurrency Treasury Analyst

SharpLink's ETH-focused treasury strategy shows aggressive execution with significant holdings growth and innovative yield generation through staking.

SharpLink Gaming's latest acquisition of 7,689 ETH at an average price of $2,501 per ETH represents a continued aggressive execution of their Ethereum-focused treasury strategy. The company's total ETH holdings have now reached 205,634 ETH, positioning them as the "world's largest publicly traded company to adopt Ethereum as its primary treasury reserve asset."

The company is effectively using capital markets to fund its ETH acquisition strategy, raising $64.0 million through its ATM facility during the reported week, with $37.2 million still to be deployed for ETH purchases. This indicates strong market appetite for their equity despite the dilutive effects of these share issuances.

Their staking strategy appears to be delivering meaningful results, with 100 ETH earned in the latest week and 322 ETH in total rewards since program initiation on June 2. By committing 100% of holdings to staking and restaking protocols, they're maximizing yield potential from their treasury assets.

The introduction of the "ETH Concentration" metric (2.37 ETH per 1,000 assumed diluted shares) represents an innovative approach to treasury transparency, allowing investors to better evaluate their exposure to Ethereum relative to their equity position. The 19% increase in this metric over just three weeks demonstrates they're successfully increasing ETH backing per share despite ongoing dilution from capital raises.

What's particularly notable is the company's transformation from a gaming company to essentially functioning as a publicly-traded ETH investment vehicle with a gaming business attached. This strategy aligns with the vision of Chairman Joseph Lubin, who as Ethereum co-founder clearly believes in the long-term appreciation potential of ETH.

• 7,689 ETH Acquired Last Week at Weighted Average Price of $2,501 per ETH
• Total ETH Holdings Rise to 205,634
• $64.0 Million Raised Through ATM Facility Between June 28-July 4 of Which $37.2 Million to Be Deployed in the Purchase of ETH This Week
• ETH Rewards Increased to 322 ETH
• ETH Concentration Grew to 2.37 ETH

MINNEAPOLIS, MN, July 08, 2025 (GLOBE NEWSWIRE) -- SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the “Company”), the world's largest publicly traded company to adopt Ethereum (ETH) as its primary treasury reserve asset, today announced the acquisition of an additional 7,689 ETH for the week June 28 through July 4, 2025, purchased at a weighted average price of $2,501 per ETH, inclusive of fees and related transaction expenses. The Company’s total ETH holdings now stand at 205,634.

To continue supporting this strategic expansion, SharpLink raised approximately $64.0 million in net proceeds during the same period through its At-The-Market (“ATM”) facility, selling 5,499,845 shares of its common stock. Of these total net proceeds, approximately $37.2 million was raised on July 3, 2025, but has yet to be allocated to ETH purchases as of the close of business that same day. A large portion of this capital is expected to be deployed in the current week.

As of July 4, 2025, SharpLink has committed 100% of its ETH holdings to staking and restaking protocols, continuing to optimize its yield-generation strategy. Between June 28 and July 4, 2025, the Company earned approximately 100 ETH through staking rewards, contributing to a total estimated reward yield of 322 ETH since initiating this program on June 2, 2025.

To further enhance visibility into its treasury performance, SharpLink recently introduced “ETH Concentration” — a novel transparency metric designed to help investors assess the Company's ETH exposure relative to its equity structure.

ETH Concentration is calculated by dividing total ETH held by 1,000 Assumed Diluted Shares Outstanding.

This figure encompasses all shares issued and outstanding as of each reporting period, including shares sold under the ATM facility, as well as shares issuable upon exercise or settlement of warrants, pre-funded warrants, stock options and restricted stock units. Notably, it excludes adjustments typically made under the treasury stock method, such as vesting conditions or exercise prices.

Since the initial announcement of its ETH purchases on June 13, 2025, SharpLink’s ETH Concentration has grown steadily, rising from 2.00 ETH to 2.37 ETH — representing a 19% increase in just three weeks (excluding common stock shares related to the $37.2 million still to be deployed in the purchase of ETH).

Joseph Lubin, SharpLink Chairman, Co-Founder of Ethereum and Founder and CEO of Consensys, commented, “Our sustained success is a direct result of SharpLink's disciplined execution of its ETH-centric treasury management strategy and its unwavering commitment to operational transparency. By continuously refining our treasury strategy and adopting innovative transparency metrics like ETH Concentration, we’re not only maximizing long-term value for shareholders but also setting a new benchmark for responsible digital asset stewardship in today’s public markets.”

About SharpLink Gaming, Inc.

Headquartered in Minneapolis, Minnesota, SharpLink Gaming, Inc. (Nasdaq: SBET) is the world’s largest publicly traded company to adopt Ethereum (ETH) as its primary treasury reserve asset – a move that aligns the Company with the future of digital capital and gives investors direct exposure to the world’s leading smart-contract platform and second largest digital asset.

SharpLink is also reimagining the future of online gaming and sports betting. Backed by a veteran team with deep roots in sports media, gaming and technology, SharpLink is charting a new course – building scalable, secure and transparent solutions that challenge outdated models and bring real innovation to the betting experience. By leveraging smart contracts, DeFi protocols and Web3 infrastructure, SharpLink intends to assume the lead in transforming the multi-billion-dollar iGaming industry into a more dynamic, efficient and equitable ecosystem. Learn more at www.sharplink.com.

Forward-Looking Statement

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, the execution of the Company’s treasury strategy and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, fluctuations in the market price of ETH that will impact the Company’s accounting and financial reporting (see accounting rules discussed below), government regulation of cryptocurrencies and online betting, changes in securities laws or regulations, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company, changes in applicable laws or regulations, and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. Under U.S. generally accepted accounting principles, entities are required to measure certain crypto assets at fair value, with changes reflected in net income each reporting period. Changes in the fair value of crypto assets could result in significant fluctuations to the income statement results. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company does not undertake any responsibility to update the forward-looking statements in this press release.

Investor Relations Contact:                                     
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
ir@sharplink.com

Media Contact:
media@sharplink.com

FAQ

How many Ethereum (ETH) tokens does SharpLink Gaming (SBET) currently hold?

SharpLink Gaming holds 205,634 ETH as of July 4, 2025, including their most recent acquisition of 7,689 ETH.

What is SharpLink's (SBET) ETH staking reward performance?

SharpLink has earned 322 ETH in staking rewards since June 2, 2025, with approximately 100 ETH earned between June 28 and July 4, 2025.

How much capital did SharpLink (SBET) raise through its ATM facility?

SharpLink raised $64.0 million in net proceeds through its ATM facility, selling 5,499,845 shares of common stock, with $37.2 million raised on July 3, 2025.

What is SharpLink's (SBET) ETH Concentration metric and how has it changed?

ETH Concentration, which measures ETH held per 1,000 assumed diluted shares, increased from 2.00 to 2.37 ETH, representing a 19% increase in three weeks.

What was the average purchase price for SharpLink's (SBET) recent ETH acquisition?

SharpLink acquired 7,689 ETH at a weighted average price of $2,501 per ETH, including fees and transaction expenses.