SharpLink Gaming has quietly built a massive $3.4 billion Ethereum fortress, accumulating nearly 750,000 ETH through what they call “swallowing the ocean” instead of buying dips. The company grabbed over 83,000 ETH in just one week, raising $2.6 billion for their crypto crusade. With Ethereum co-founder Joseph Lubin as chairman and a former BlackRock exec as co-CEO, they’re betting big on ETH as their primary treasury asset—though recent financials show some growing pains ahead.
This isn’t some gradual accumulation story. SharpLink went full throttle, jumping from 521,939 ETH in early August to nearly three-quarters of a million tokens. They grabbed 83,561 ETH in a single week ending August 3rd. That’s not buying the dip—that’s swallowing the ocean.
That’s not buying the dip—that’s swallowing the ocean.
The company raised over $2.6 billion to fund this Ethereum shopping spree. Recent moves include a $400 million registered direct offering from five institutional investors and a $264.5 million At-the-Market facility completed in just one week. Total weekly capital raise? About $900 million. Someone clearly believes in this strategy.
Leadership reads like a crypto dream team. Joseph Lubin, Ethereum’s co-founder, chairs the company. Joseph Chalom, former BlackRock executive, serves as Co-CEO. When you need to convince institutions to hand over billions for digital assets, these résumés help. The company also established a strategic partnership with Consensys, the largest Ethereum software company, further strengthening its Ethereum ecosystem connections.
The strategy centers on ETH as the primary treasury reserve asset since June 2025. Nearly 100% gets staked, generating ongoing rewards—about 1,326 ETH in Q2 2025. It’s yield farming with a corporate twist, aligning stockholder value with Ethereum’s network growth. The Minneapolis-based company aims to provide investors with efficient participation in Ethereum’s transformation of finance.
But transformation has costs. Q2 2025 revenue dropped 30% year-over-year to $0.7 million. The company recorded a $103.4 million net loss, including an $87.8 million non-cash impairment on liquid staked ETH. Add $16.4 million in stock-based compensation, and the numbers get ugly fast.
SharpLink now ranks among the world’s largest corporate Ether holders. Trading under ticker SBET, it offers investors transparent exposure to Ethereum’s potential. The ETH concentration metric increased 83% since strategy launch, proving they’re serious about this pivot.
Whether this digital dragon’s hoard pays off depends entirely on Ethereum’s future. The bet is massive, institutional, and impossible to ignore.
