TLDR
- SharpLink Gaming has increased its Ethereum treasury to 728,804 ETH after a major fundraising.
- The company launched its Ethereum reserve strategy on June 2, 2025, making ETH its primary asset.
- SharpLink raised over $2.6 billion through PIPE and Registered Direct offerings to purchase ETH.
- A new metric shows the company’s ETH concentration nearly doubled from 2.00 to 3.95 per 1,000 diluted shares.
- SBET stock fell 9.45 percent after SharpLink reported a net loss of $103.4 million in Q2 2025.
SharpLink Gaming expanded its Ethereum reserves to 728,804 ETH, even as SBET stock fell 9.45% following its earnings release. The company’s aggressive acquisition strategy began on June 2, 2025, making ETH its primary reserve asset. However, SBET stock dipped after reporting a Q2 net loss of $103.4 million.
Ethereum Holdings Surge Amid Strategic Accumulation
SharpLink Gaming’s ETH-focused strategy continues to drive its treasury growth, fueled by a recent $2.6 billion fundraising campaign. These proceeds, sourced from PIPE and Registered Direct offerings, were used entirely to purchase Ethereum. As a result, the company’s ETH holdings surged sharply within weeks.
Its newly introduced ETH Concentration metric nearly doubled, growing from 2.00 to 3.95 per 1,000 assumed diluted shares. This change highlights the company’s focused accumulation efforts in a short span. Meanwhile, SBET stock reflected mixed investor sentiment after the company announced its Q2 earnings.
The firm added $900 million more to its ETH buying plan in just the past week. This coincides with growing institutional ETH demand, as U.S.-listed Ethereum ETFs acquired $1 billion worth of ETH. SharpLink’s treasury now stands among the largest corporate holdings of ETH globally.
Earnings Report Miss Triggers SBET Stock Decline
SharpLink Gaming reported Q2 2025 revenue of $0.7 million, down from $1.0 million during the same quarter last year. Gross profit stood at $0.2 million, representing 30% of total revenue. SBET stock fell despite a year-to-date gain of over 176.76%.
A major accounting write-down of $87.8 million linked to liquid staked ETH impacted the bottom line significantly. Additionally, $16.4 million was attributed to share-based payments to Consensys as part of a strategic partnership. SBET stock remains volatile as investors assess the short-term financial impact.
In H1 2025, SharpLink generated $1.4 million in sales, lower than $2.0 million from H1 2024. Despite reduced revenue, the company continues to invest heavily in Ethereum. SBET stock performance reflects a balance between investor optimism and earnings pressure.
Governance Shift and Ethereum Focus Continue
Joseph Lubin, Ethereum co-founder, joined SharpLink Gaming as Chairman, signaling stronger Ethereum alignment. Additionally, Joseph Chalom, ex-BlackRock digital assets head, took over as Co-CEO. These changes support SharpLink’s expanding Ethereum-centric strategy.
The company has staked nearly 100% of its ETH holdings, generating 1,326 ETH in yield so far. This staking income helps maintain treasury growth without selling core ETH assets. SBET stock may benefit long-term as Ethereum yields accumulate consistently.
