Sports betting platform SharpLink Gaming has made a major move into Ethereum, purchasing 143,593 Ether last week as the cryptocurrency climbed near record levels.
The company disclosed the buy in a filing with the US Securities and Exchange Commission (SEC) on Tuesday. SharpLink paid an average price of $4,648 per ETH, spending about $667.4 million on the new tokens.
This latest purchase lifted SharpLink’s total Ether holdings to 740,760 ETH, valued at around $3.2 billion at current market prices.
Staking brings extra ETH rewards
SharpLink confirmed that nearly all of its ETH has been deployed in staking. By taking part in Ethereum’s proof-of-stake network, the company has generated 1,388 ETH in staking rewards so far.
“As of Aug. 17, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking,” SharpLink said in its SEC filing.
However, the company warned that its staking activities may be affected by changing government regulation and guidance.
Stock falls after net loss
The aggressive crypto play comes just weeks after SharpLink reported a $103 million net loss for the second quarter of 2025. The company pointed to accounting losses from liquid staked Ether (LsETH) as a key factor.
Following the announcement, SharpLink shares fell 12% on Friday. The stock closed at $20.10 on Monday, marking a 13.5% drop over the past five trading days, according to TradingView data.
Institutional demand for ETH rises
SharpLink’s Ether purchases are part of a wider trend of large institutional investors buying into ETH. Spot Ether exchange-traded funds (ETFs) saw $3.7 billion in inflows between August 5 and last Thursday.
Meanwhile, SharpLink’s main competitor, BitMine, added 373,000 Ether to its treasury on Monday. This brought its total holdings to 1.52 million ETH, valued at roughly $6.6 billion.
