SharpLink Doubles Down on Ethereum, Stakes Entire $461M Treasury for Yield

Minneapolis-based SharpLink has transformed itself from a gambling marketing firm into one of the most aggressive Ethereum treasuries on the public markets—adding over $30 million worth of ETH in less than a week and staking every last token.

The company announced Tuesday that it acquired 12,207 ETH between June 16 and June 20 at an average price of $2,513. That brings SharpLink’s total ETH holdings to 188,478—valued at approximately $461 million based on current market prices.

SharpLink’s bold Ethereum pivot comes just weeks after raising $425 million in a private investment in public equity (PIPE) round to fund its crypto strategy. The firm has now committed the entirety of its holdings to staking protocols, earning 120 ETH in rewards so far and reporting an ETH-per-share growth rate nearing 19%.

“This reflects our confidence in Ethereum’s long-term utility,” said Joe Lubin, Ethereum co-founder and Consensys CEO, who also chairs SharpLink’s board. “We believe this strategy can unlock new value for both our business and our shareholders.”

Despite market turbulence—including a misunderstood S-3 filing that triggered a steep selloff—SharpLink’s shares (SBET) rebounded over 11% today to $10.02. Still, that’s well off their late-May high of over $90. Lubin attributed the recent dip to confusion, clarifying that backers were not dumping shares.

SharpLink joins a small but growing class of crypto-native treasury companies, diverging from Bitcoin-heavy plays like Strategy (formerly MicroStrategy) by putting its Ethereum to work in DeFi rather than simply holding it.

Meanwhile, Ethereum is trading at $2,444—below SharpLink’s average purchase price—but up 6% in the past 24 hours following geopolitical relief from an Iran-Israel ceasefire.