SharpLink Expands $3.5B Ethereum Treasury After $76.5M Raise as Staking Rewards Surpass $23M

SharpLink Gaming has deepened its commitment to Ethereum, expanding its digital asset treasury to 859,853 ETH—now valued at approximately $3.5 billion—after closing a $76.5 million capital raise last Friday.

In a press release issued Tuesday, the company revealed the purchase of an additional 19,271 ETH at an average cost of $3,892 per token. This marks SharpLink’s continued execution of its Ethereum treasury strategy, which first launched in June.

Since adopting this approach, SharpLink has earned 5,671 ETH in staking rewards, now worth around $23.25 million at current market prices of roughly $4,100 per ETH. By staking its holdings as network validators, the company is converting a portion of its reserves into a yield-generating asset that supports Ethereum’s proof-of-stake infrastructure.

SharpLink made headlines earlier this year as the first publicly traded company to launch a dedicated Ethereum treasury strategy on May 27, initially backed by a $425 million private investment in public equity (PIPE). The company’s stock has since surged over 450% in six months, according to Yahoo Finance data.

With its growing position, SharpLink remains the second-largest Ethereum treasury holder behind Bitmine Immersion Technologies. Bitmine, which initiated its treasury on June 30 with a $250 million investment, has since doubled its commitment—adding another $250 million in ETH this week. Its total holdings now exceed 3.24 million ETH, worth more than $13 billion, representing about 2.74% of Ethereum’s circulating supply.

Meanwhile, Ether Machine, the third-largest Ethereum treasury holder with 496,710 ETH, launched its institutional yield-bearing Ether fund on July 21.

Despite ETH’s recent price decline—down roughly 14% over the past two weeks and 9.6% this month—companies like SharpLink and Bitmine continue to see long-term value in accumulating and staking Ether for yield. Their strategies highlight a growing trend among institutional players using Ethereum’s proof-of-stake mechanism to merge treasury management with passive income generation.