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MINNEAPOLIS - SharpLink Gaming, Inc. (NASDAQ:SBET), a $1.54 billion market cap company whose stock has surged 298% in the last six months, has become the largest corporate holder of Ether (ETH) with 280,706 ETH as of July 13, 2025, according to a company press release. InvestingPro data shows the stock’s exceptional volatility with a beta of 12.1, making it particularly sensitive to market movements.
The company purchased 74,656 ETH at a weighted average price of $2,852 during the period of July 7 through July 13, 2025. To fund these purchases, SharpLink raised approximately $413 million in net proceeds through its At-The-Market facility, issuing over 24.5 million shares of common stock during the week of July 7 through July 11. According to InvestingPro, the company maintains strong liquidity with a current ratio of 3.27, though it remains unprofitable with an EBITDA of -$3.99 million in the last twelve months.
The company reports having approximately $257 million not yet committed to ETH purchases as of July 13, 2025.
SharpLink has allocated 99.7% of its ETH holdings to staking protocols, earning approximately 94 ETH in staking rewards between July 7 and July 11. This brings its cumulative reward total to 415 ETH since launching its staking strategy on June 2, 2025.
The company tracks its ETH exposure relative to its capital structure through a proprietary metric called "ETH Concentration," calculated as total ETH held divided by 1,000 assumed diluted shares outstanding. This metric has increased from 2.00 ETH to 2.46 ETH since purchases began in mid-June, representing a 23% increase.
SharpLink Gaming, headquartered in Minneapolis, describes itself as the world’s largest publicly traded company to adopt Ether as its primary treasury reserve asset. The company also operates in the online gaming and sports betting sectors. InvestingPro subscribers can access 15 additional key insights about SharpLink’s financial health, valuation metrics, and growth prospects.
In other recent news, SharpLink Gaming has made significant moves in expanding its Ethereum holdings. The company completed a direct purchase of 10,000 ETH from the Ethereum Foundation for approximately $25.7 million, marking a strategic commitment to Ethereum as its primary treasury reserve asset. Additionally, SharpLink acquired another 7,689 ETH, bringing its total holdings to 205,634 tokens. This expansion was funded through approximately $64 million raised via an At-The-Market facility, with $37.2 million yet to be allocated to further Ethereum purchases.
The company has committed all its Ethereum holdings to staking protocols, earning 322 ETH in rewards since the program’s inception. SharpLink introduced a new metric called "ETH Concentration" to measure its Ethereum exposure, which increased by 19% over three weeks. In a separate development, SharpLink Gaming appointed KPMG as its new independent auditor after dismissing Cherry Bekaert LLP. This change in auditors comes after Cherry Bekaert’s audit reports included concerns about SharpLink’s ability to continue as a going concern, though there were no disagreements on accounting principles.
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