Sharplink Transforms into Ethereum Treasury Giant with $3.2 Billion Capital Raise

Sharplink, Inc., a sports-gaming and affiliate-marketing company, has transformed into one of the world's largest publicly traded Ethereum treasury companies. In June 2025, it adopted ETH as its primary treasury asset.

The company's current strategy aims to create shareholder value through ETH accumulation, price appreciation, native staking, liquid staking, restaking, institutional onchain treasury strategies, and capital allocation intended to increase ETH per diluted share.

As of June 28, 2026, Sharplink disclosed 886,725 ETH and ETH-equivalent holdings. Substantially all of the holdings were deployed in staking, including liquid staking. SBET therefore offers significant corporate exposure to Ethereum, but it is not the same as directly owning ETH.

Sharplink views Ethereum as infrastructure for programmable finance, digital capital markets, decentralized applications, tokenized assets, and onchain settlement. Unlike Bitcoin, ETH can participate directly in Ethereum's proof-of-stake consensus system and generate protocol-level staking rewards.