SharpLink (SBET) snapped up a whopping $667 million of Ethereum (ETH-USD) at sky-high prices, pushing its holdings to $3.2 billion, even as its shares slid 12% on the news. The sports betting platform made the purchase just as ETH traded near record highs of $4,700, showing it’s willing to pay top dollar to keep building its crypto war chest.
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SharpLink Expands Its Crypto Bet
SharpLink disclosed in a U.S. SEC filing that it bought 143,593 Ethereum at an average of $4,648 each, totaling $667.4 million. The purchase boosted its total stash to 740,760 ETH, worth around $3.2 billion at current market prices.
What’s interesting is that rather than waiting for a dip, SharpLink added at the top end of ETH’s trading range. This signals confidence in Ethereum’s long-term value.
SharpLink Uses Ether For Staking
The company isn’t leaving its crypto pile idle. SharpLink reported that “substantially all of the ETH Holdings were deployed in staking, including through liquid staking,” as of August 17. Staking allows the company to earn rewards while helping run Ethereum’s proof-of-stake network.
So far, those rewards amount to 1,388 ETH, worth more than $5.8 million. Still, SharpLink warned in its filing that staking rules may be subject to regulatory changes, which could impact this strategy.
SBET Stock Drops after the Big Buy
Despite the bullish crypto move, SharpLink’s stock didn’t benefit. Shares tumbled 12% on Friday and closed Monday at $20.10, down 13.5% over the past five days, according to TradingView.
Part of the decline ties back to SharpLink’s recent $103 million net loss in Q2 2025, much of it related to accounting for liquid staked Ethereum (LsETH). Investors seem uneasy about the balance between big crypto bets and actual profitability.
Rivals Pile into Ether Too
SharpLink’s ETH purchase comes as institutions are scooping up the token at record pace. Ethereum ETFs alone saw $3.7 billion in inflows between Aug. 5 and last Thursday, reflecting heavy demand.
Its main rival, BitMine (BMNR) , announced an even bigger buy of 373,000 ETH. This lifted its holdings to 1.52 million ETH worth about $6.6 billion. “The new ETH purchase made BitMine the second-largest crypto treasury in the world behind only Michael Saylor’s Strategy,” BitMine board chair Thomas Lee said.
Strategy Stays Focused On Bitcoin
Michael Saylor’s Strategy (MSTR) remains king of corporate crypto reserves, though its focus is Bitcoin rather than Ether. The firm recently added $51.4 million in BTC, bringing its total holdings to 629,376 BTC, valued near $72.7 billion.
That leaves Strategy on top overall, but SharpLink and BitMine are racing for dominance in Ethereum.
At the time of writing, Ethereum is sitting at $4,189.50.
