- SharpLink boosts ETH holdings to 859,853 worth $3.5B through strategic capital deployment.
- Company earns 5,671 ETH in staking rewards since launching its treasury strategy in June 2025.
- ETH Concentration ratio doubles to 4.0, reflecting stronger Ethereum exposure per share.
SharpLink Gaming Inc. has reported that its total Ethereum (ETH) holdings climbed to 859,853, with total ETH and cash assets valued at approximately $3.5 billion. The report sets another record in the company’s ongoing accumulation of Ethereum.
According to the disclosure, SharpLink completed a $76.5 million capital raise on October 17, 2025. The transaction was executed at a premium to net asset value, followed by timely ETH purchases at lower market prices, effectively expanding its balance sheet position in Ethereum during favorable market conditions.
SharpLink ETH Holdings Strengthened by Weekly Acquisitions
During the reporting week, SharpLink purchased 19,271 ETH at an average price of $3,892 per coin. This brought the company’s total from 840,100 ETH to 859,900 ETH, with assets split between 601,143 native ETH and 258,710 “as-if redeemed LsETH.” The latter represents staked Ethereum convertible under the prevailing LsETH rate as of October 19.
In the same week, SharpLink earned 458.9 ETH in staking rewards, comprising 326.4 native ETH and 132.5 LsETH equivalents. Since launching its ETH treasury strategy on June 2, 2025, a total of 5,671 ETH in staking rewards has accumulated. This figure includes both native and LsETH staking income, demonstrating a steady yield from Ethereum participation over time.
Transparency Through ETH Concentration Metric
SharpLink reported an “ETH Concentration” ratio of 4.0, a 100% increase since June 2025. This measure divides total ETH holdings by the assumed 1,000 diluted shares outstanding, providing a direct metric of Ethereum exposure per share. The calculation encompasses all issued shares, warrants, and equity awards, providing a comprehensive view of the company’s ETH position in relation to its capital structure.
The firm also holds $36.4 million in cash and equivalents, which provides liquidity for future market opportunities. The ETH Concentration metric does not apply the treasury stock method, meaning it excludes factors such as vesting schedules or stock repurchase assumptions, focusing solely on tangible Ethereum exposure per share. SharpLink’s ETH holdings are made of both native Ethereum and LsETH-based staking assets, calculated using the LsETH conversion factor at midnight UTC on October 19, 2025.
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About the Author: Peter Mwangi
