$2.6B Push Turns SharpLink Into Major Ethereum Whale, Stakes Nearly All ETH Holdings: Report

TLDR:

• SharpLink shifted its reserve asset to Ethereum in June, accumulating 728,804 ETH in under three months
• The company raised $2.6B in capital to rapidly grow its ETH holdings and support active treasury management
• Nearly all ETH is staked, producing 1,326 ETH in rewards while boosting long-term yield potential
• SharpLink’s ETH concentration rose 98%, making it one of the largest public corporate holders of Ethereum 

SharpLink has moved quickly into the Ethereum market. In June, the Nasdaq-listed firm decided to make ETH its primary reserve asset. Since then, it has accumulated hundreds of thousands of coins in a short span. 

The move was funded by billions in fresh capital, and almost all of the holdings are now staked. The company says the shift aligns its growth with Ethereum’s expanding role in global finance.

Ethereum Becomes the Primary SharpLink Reserve Asset

According to a press release and data shared by Wu Blockchain, SharpLink confirmed that its ETH reserves hit 728,804 by the end of June. This followed a $2.6 billion capital raise through public market offerings. 

The strategy was rolled out with a clear goal: to offer investors exposure to Ethereum’s long-term growth while using staking rewards to compound returns.

The company appointed high-profile industry leaders to steer the plan. Joseph Lubin, co-founder of Ethereum and CEO of Consensys, became board chairman. Joseph Chalom, a former BlackRock executive, was named co-CEO. SharpLink also secured a strategic partnership with Consensys to enhance its Ethereum-focused operations.

Treasury management is handled by a team with institutional-grade market experience. The focus is on active accumulation and yield generation while improving ETH concentration, a new metric the firm uses to measure efficiency. 

In just weeks, the metric nearly doubled, showing rapid coin acquisition.

SharpLink reported Q2 2025 results and revealed its ETH holdings have reached 728,804. Since June, ETH became its main reserve asset. The company raised over $2.6B to expand its position and has staked nearly all ETH, earning 1,326 ETH in rewards.https://t.co/Ik9MYYiMzA

— Wu Blockchain (@WuBlockchain) August 15, 2025

Massive Staking Push Boosts Yield Potential

SharpLink has staked almost all of its ETH holdings, earning 1,326 ETH in rewards. Management says staking is central to the treasury strategy, allowing the firm to benefit from Ethereum’s proof-of-stake design. 

The compounding effect of rewards aims to steadily grow the reserve without selling the underlying assets.

The company clarified that despite recording an $87.8 million non-cash impairment due to price drops in liquid staked ETH, no actual sales occurred. U.S. accounting rules require such impairments if asset prices dip below acquisition cost. 

As a result, the impact was limited to reporting and did not affect the treasury size.

Revenue for the quarter was $0.7 million, slightly lower than last year. Net loss reached $103.4 million, mainly due to non-cash items like the impairment and stock-based compensation tied to the Consensys advisory agreement. The firm emphasized that operational cash flow was not the source of the loss.

Looking ahead, SharpLink plans to keep growing its ETH position and leverage staking for steady returns. Executives believe the approach positions the company to capture Ethereum’s role as a foundational asset in the decentralized economy.