SharpLink Gaming’s newest quarterly report shows the benefits of its Ethereum treasury strategy, as it raised $2.6 billion to purchase 728,804 ETH. It has staked nearly 100% of these holdings.
Still, its pre-pivot business has suffered significantly since Q2 2024, with its net losses increasing by $100 million while revenue almost completely vanished.
SharpLink’s Ethereum Gambit
Firms all around the world are choosing to stockpile Bitcoin right now, but ETH is growing as the second-favorite option. A big piece of that trend is SharpLink Gaming, which has been one of the world’s largest publicly listed Ethereum holders for the last two months. Today, it showed the fruits of this strategy with its Q2 2025 results
NEW: SharpLink reports Q2 2025 results: Total Raised: $2.6B
Holdings: 728,804 ETH ($3.3B)
— SharpLink (SBET) (@SharpLinkGaming) August 15, 2025
Holdings: 728,804 ETH ($3.3B)Since making these substantial Ethereum investments, SharpLink has received a lot of benefits. This strategy has attracted significant institutional investment, allowing the firm to raise over $2.6 billion for ETH purchases. As a symbol of this TradFi integration, BlackRock’s crypto head joined SharpLink after over 20 years with the firm.
Staking and Potential Downsides
Based on some of the company’s other financial data, it’s clear why SharpLink made this Ethereum pivot so wholeheartedly. Compared to Q2 2024, its revenue is $0.7 million instead of $10 million, and net losses are at $103.4 million compared to $0.5 million. SharpLink’s gaming-related enterprises have completely tanked.
To make up for these losses, SharpLink has another key revenue stream: Ethereum staking. The company has been aggressively staking its ETH tokens, having successfully staked almost 100% of its tokens.
In passive income, it received 1,326 ETH in Q2, which has a market value of around $6 million. This doesn’t quite equal the firm’s revenue last year, especially since it hasn’t sold these tokens, but it highlights some of the advantages that ETH can hold over BTC treasuries.
Still, though Vitalik Buterin warned that this behavior could cause problems down the line. Ethereum’s blockchain infrastructure can handle the technical requirements, but he worries about overleveraging. This firm has replaced nearly its entire revenue stream with ETH passive rewards and stock sales, which could cause future instability.
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