SharpLink, a Nasdaq-listed company identified by the ticker SBET, has seen impressive growth in its Ethereum treasury, recently earning 499 ETH from staking rewards within a week. This addition elevates the total amount of ETH the company holds to 887,673. Notably, SharpLink has emerged as the second-largest holder of Ethereum among publicly traded firms worldwide, trailing only Bitmine Immersion Technologies, which commands over 5.7 million ETH.
#How Does SharpLink Provide Exposure to Ethereum?
SharpLink offers structured equity exposure to Ethereum, enabling investors to purchase SBET stock on Nasdaq. The stock’s value closely correlates with the amount of ETH the company owns per share. This approach allows investors to gain exposure to Ethereum through their traditional brokerage accounts without the need for crypto wallets or exchanges.
The company is proactive in staking its Ethereum holdings. The recently acquired 499 ETH for its weekly rewards represents passive income earned from participating in the security of the Ethereum network. The total staking rewards of 23,490 ETH have been added to the company's balance sheet without any cash outlay.
#What Is SharpLink’s Recent Buying Activity?
In June 2026, SharpLink re-entered the Ethereum market after a brief hiatus in purchases. The agency procured 5,000 ETH on June 25 and then another 10,000 ETH at an average price of $1,611 per coin. This acquisition cost is significantly lower than the average purchase price of $3,586 per ETH across its holdings, thus improving the company’s overall cost basis. These transactions have contributed to a rise in total holdings from about 872,984 ETH in May 2026 to today's tally of 887,673 ETH, marking an increase of approximately 14,700 ETH in just two months through both purchases and staking rewards.
#How Does SharpLink Fund Its Acquisitions?
Part of SharpLink’s funding for these acquisitions comes from at-the-market equity offerings. This method allows the company to sell new shares gradually at current market prices, rather than conducting a single large offering. In addition, SharpLink also carries out share buybacks, creating a feedback loop management can use to mitigate dilution and indicate confidence in the company’s future.
#Why Is SharpLink's Position Significant?
SharpLink holds the distinction of being the second-largest public Ethereum holder, a category hardly recognized a few years ago. While Bitmine Immersion Technologies continues to lead with over 5.7 million ETH, SharpLink has shown impressive growth itself, increasing its treasury from 521,939 ETH in August 2025 to nearly 888,000 ETH today. In less than a year, the company has successfully added over 365,000 ETH to its balance sheet.
The recent staking reward of 499 ETH translates to about a 0.056% weekly return, equivalent to an annualized rate of approximately 2.9%, assuming the rate remains steady. These rewards will be compounded, generating further income next week.
#What Should Investors Consider?
For investors considering SBET as a vehicle for Ethereum exposure, a crucial metric is the amount of ETH held per share. While at-the-market offerings may dilute the share count, both ETH purchases and staking rewards increase the numerator, which is the ETH held. This dynamic will determine whether shareholders are genuinely gaining or losing their ETH exposure over time.
To enhance transparency, SharpLink maintains a public ETH dashboard which reveals holdings, staking rewards, and metrics related to ETH concentration per share. The management’s recent purchases at $1,611 indicate a positive outlook toward the current ETH prices, especially given the significant discount compared to the portfolio’s average cost of $3,586. This strategy reflects confidence in the potential for growth and value moving forward.