SharpLink stakes 39,319 ETH worth $91 million as treasury nears 900,000

SharpLink Gaming staked another 39,319 ETH worth roughly $91 million on Aug. 21, pushing its corporate ether treasury toward the 900,000 mark.

Nasdaq-listed SharpLink Gaming staked 39,319 ETH worth about $91 million on Aug. 21, adding to a corporate treasury that already ranks among the largest ether holdings in the world.

Blockchain tracking firm Lookonchain flagged the transaction on X, reporting the staking move at current prices. The addition builds on a treasury that stood at 888,938 ETH as of Aug. 3, up from 886,725 ETH the company held at the end of June, according to Bitcoin.com News.

The holdings are split across 632,719 native ETH held directly, 181,299 ETH represented via the liquid-staking token LsETH, and 72,707 ETH via weETH, giving SharpLink exposure to staking yield while keeping part of its position liquid. The company, ticker SBET, has built its entire corporate identity around ether accumulation since pivoting from sports betting marketing in mid-2025 under Chairman Joseph Lubin, the Ethereum co-founder and Consensys chief executive. It ranks as the second-largest corporate ether holder, trailing only Bitmine Immersion.

Staking nearly the entire balance has become the consistent theme, since idle ether earns nothing while staked ether generates a yield that shows up directly on the income statement. SharpLink's staking activity generated $11.2 million in revenue, the bulk of $11.5 million in total Q2 2026 revenue, though the figure missed Wall Street's $12.3 million estimate. The quarter still produced a steep $394.3 million net loss, driven mainly by a $321 million unrealized loss on crypto holdings and $76.1 million in impairments tied to liquid-staking positions as ether's price slid during the period.

Co-chief executive Joseph Chalom, who joined SharpLink from BlackRock's digital assets team in July, has said the strategy centers on a single metric rather than quarterly share-price swings. "Every financing decision we make is based on our long-term objective to increase ETH per share," Chalom said when the June treasury update was reported.

The staking push comes as ether trades at $2,351.90 as of 04:00 UTC on Aug. 21, up 4.4 percent over 24 hours with a market cap of $283.87 billion and 24-hour volume of $24.96 billion, per CoinGecko. The company also seeded a $125 million Galaxy Sharplink Onchain Yield Fund with $100 million of staked ETH to diversify earnings beyond the base staking rate, and institutional ownership in SBET has climbed toward 60 percent, with a recent Schedule 13G filing flagging another sizeable passive stake.

The pattern mirrors a broader shift among publicly traded companies adopting crypto treasury strategies, similar to MicroStrategy's approach with Bitcoin. Staking carries its own risks — smart contract vulnerabilities, potential slashing if validators misbehave, and lock-up periods that reduce liquidity — but SharpLink's steady accumulation suggests a longer-term investment horizon rather than a bet on near-term price swings.

This article is for informational purposes only and does not constitute investment advice.