SharpLink Gaming Expands Ether Holdings Amid Cryptocurrency Surge
According to Cointelegraph, sports betting platform SharpLink Gaming has significantly increased its Ether (ETH) holdings, acquiring 143,593 ETH last week as the cryptocurrency's price surged to near all-time highs. The purchase was made at an average price of $4,648 per ETH, totaling $667.4 million, as ETH prices climbed above $4,700. This acquisition has brought SharpLink's total Ether holdings to 740,760 ETH, valued at approximately $3.2 billion at current market prices.
SharpLink has also reported generating 1,388 ETH in staking rewards, indicating its active participation as a validator in the Ethereum proof-of-stake (PoS) network. The company disclosed in a filing with the U.S. Securities and Exchange Commission that as of August 17, 2025, nearly all of its ETH holdings were deployed in staking, including through liquid staking. SharpLink acknowledged that certain aspects of its staking activities might be subject to government regulation and guidance, which could change.
The recent Ether acquisition follows SharpLink's report of a $103 million net loss for the second quarter of 2025, largely due to a paper loss from accounting for liquid staked Ether (LsETH). The news impacted SharpLink's stock, which fell 12% last Friday and closed at $20.1 on Monday, marking a 13.5% decline over the past five trading days.
SharpLink's Ether buying spree is part of a broader trend of institutional ETH purchases, with spot Ether exchange-traded fund (ETF) issuers recording $3.7 billion in inflows from August 5 to August 14. BitMine, SharpLink's largest competitor in ETH treasury holdings, recently acquired 373,000 Ether, increasing its total holdings to 1.52 million ETH, valued at approximately $6.6 billion. BitMine's board chairman, Thomas Lee, stated that this acquisition has positioned BitMine as the second-largest crypto treasury globally, trailing only Michael Saylor's Strategy.
Strategy, after reporting a $51.4 million Bitcoin (BTC) purchase, holds a total of 629,376 BTC as of Sunday, valued at around $72.7 billion at current market prices. The cryptocurrency market continues to witness significant activity, with institutions like SharpLink and BitMine leading the charge in expanding their digital asset portfolios.