SharpLink buys more Ethereum, catapults holdings to 859,853 ETH

SharpLink Gaming Inc. (SBET), one of the largest corporate holders of Ethereum (ETH), has acquired more of the top altcoin’s native token to bring the company total to over 859,853 tokens.

The Minneapolis-based company, which has adopted ETH as its primary treasury reserve asset, said its combined ETH and cash holdings now total approximately $3.5 billion.

SharpLink buys more ETH as holdings hit 959,853 tokens

SharpLink Gaming announced a substantial increase in its Ethereum reserves, bringing total holdings to 859,853 ETH as of October 20, 2025. 

During the week ending October 19, SharpLink purchased 19,271 ETH at an average cost of $3,892 per token.

The acquisition followed a successful $76.5 million capital raise completed on October 17, before placement agent fees and expenses.

The company issued 4.5 million shares as part of the fundraising effort, which was executed at a premium to net asset value (NAV).

In a statement, Co-CEO Joseph Chalom said the company acted swiftly to deploy capital raised at favorable market conditions.

“The capital raise completed last week was executed at a premium to NAV. Shortly thereafter, we took advantage of attractive market conditions to acquire ETH at prices lower than when we raised the capital,” Chalom said.

SharpLink said the timing of the ETH purchase allowed the firm to expand its holdings at a lower cost basis compared with previous acquisitions.

The transaction marks SharpLink’s first Ethereum purchase since late August, underscoring its commitment to using ETH as a central component of its balance sheet.

Composition of holdings and staking rewards

SharpLink’s total ETH position includes 601,143 native ETH and an additional 258,710 ETH equivalent through liquid staking tokens.

Since the company launched its treasury strategy on June 2, 2025, it has accumulated a total of 5,671 staking rewards.

These rewards represent the yield generated from the company’s staked Ethereum assets, a component of its broader strategy to generate passive returns while maintaining long-term exposure to the cryptocurrency.

The firm also reported maintaining approximately $36.4 million in cash and cash equivalents as of October 19.

Combined, the company’s Ethereum and cash holdings highlight its growing concentration in digital assets, making SharpLink one of the more prominent publicly traded firms with substantial cryptocurrency exposure.

“Our top priority remains creating value for shareholders through disciplined execution and a relentless focus on accretive ETH accumulation,” stated Chalom. 

SharpLink’s big move

Ethereum is a primary reserve asset and core component of SharpLink’s long-term balance sheet strategy.

Targeted benefits include value accrual amid utility in decentralized finance.

Financial analysts and market observers have responded positively to SharpLink’s Ethereum bet.

Exposure to ETH is more than an endorsement of the cryptocurrency’s fundamentals. A key feature like staking yields means its an attractive investment.

One crypto market enthusiast noted via X:

“5,671 ETH staking rewards since June generates ~$23M revenue from holdings alone. This is a key differentiator from pure ETH holding: generating yield through staking provides a revenue stream justifying corporate structure versus just buying ETH directljy. But staking rewards fluctuate with network activity and validator competition.”

The price Ethereum hovered near $3,879 on Tuesday, October 21, 2025.

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