Ethereum News Update: SharpLink’s Bold ETH Acquisition Fuels 400% Surge in Shareholder Value

SharpLink Gaming, Inc. (Nasdaq: SBET) has notably increased its

(ETH) reserves, now holding more than 859,853 , which is valued at about $3.5 billion as of October 19, 2025[1]. Based in Minneapolis, the company has made ETH its main reserve asset and, following a $76.5 million capital raise on October 17 (before fees), acquired 19,271 ETH at an average cost of $3,892 per coin[2]. This acquisition highlights SharpLink’s determined approach to amassing Ethereum, making it one of the largest corporate ETH holders.

Co-CEO Joseph Chalom pointed out the well-timed nature of the purchase, explaining that the capital raise was completed at a premium to net asset value (NAV), which allowed the company to buy ETH at a price below the amount raised. “This sequence was immediately accretive to shareholders and showcases the precision of our strategy,” he noted[1]. This is SharpLink’s first significant ETH acquisition since late August, consistent with its ongoing commitment to concentrating on digital assets[3].

The company’s ETH portfolio now consists of 601,143 native ETH and 258,710 ETH equivalents via liquid staking tokens (LsETH). Since beginning its treasury initiative on June 2, 2025,

has earned 5,671 staking rewards, amounting to roughly $23 million in yield[3]. These rewards, generated from staked Ethereum, support a broader plan to create passive income while benefiting from ETH’s potential value growth.

One of the main indicators SharpLink monitors is “ETH Concentration,” which reflects the number of ETH per 1,000 assumed diluted shares outstanding. As of October 19, this figure has climbed to 4.0, doubling since June 2025[1]. The company also disclosed $36.4 million in cash and cash equivalents, demonstrating a balanced strategy between liquidity and asset management[2].

Although SharpLink’s ETH assets are still behind BitMine Immersion Technologies, which holds $12 billion in ETH, its swift accumulation has caught the eye of market observers[4]. The company’s share price has soared nearly 400% since mid-May, reflecting its transformation from an online gaming business to a crypto-centric treasury strategy[4]. This approach is similar to MicroStrategy’s focus on Bitcoin, but with Ethereum as the primary asset.

This development comes during a period of crypto market turbulence, with ETH prices swinging due to trade tariff issues and regulatory uncertainty. Even after an 11% drop over two weeks, Ethereum was trading around $3,879 on October 21, 2025[3]. SharpLink’s capacity to take advantage of ETH price declines demonstrates its adaptability, though it still faces risks from market volatility and regulatory changes[1].