SharpLink Holds 838,730 ETH With Zero Debt

In brief

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  SharpLink Gaming approaches one billion dollars in unrealized gains thanks to its ETH accumulation strategy launched in early June.
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  The company currently holds 838,730 ETH, representing 0.69 % of the total supply, with an estimated valuation of 3.93 billion dollars.
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  This spectacular performance rests on the recent surge in ETH price, reaching 4,700 dollars within 24 hours.
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  SharpLink states it holds no debt and notes that the ETH per share ratio has nearly doubled since the launch of the program.

An accumulation strategy that yields big

SharpLink Gaming announced that its Ethereum accumulation strategy, started on June 2, has generated more than 900 million dollars in unrealized gains. A spectacular performance made possible by the crypto’s price surge to 4,700 dollars, up 4.5 % in just 24 hours.

The company now holds 838,730 ETH, with an estimated valuation of 3.93 billion dollars, representing 0.69 % of the total Ethereum supply. In an official statement, the company declared: “With 839k ETH on our balance sheet and no debt, SharpLink is well positioned to continue creating value for its shareholders.”

Here are the key data regarding this strategy :

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  The program launch date : June 2, 2025 ;
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  Total volume of ETH acquired : 838,730 tokens ;
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  Current valuation of holdings : approximately 3.93 billion dollars ;
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  Weight in the global supply : 0.69 % of the ETH supply ;
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  Estimated unrealized gain : over 900 million dollars ;
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  Debt level : no debt, according to SharpLink ;
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  First purchase wave : 176,300 ETH, followed by reinforcements in July and August ;
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  ETH per share ratio : practically doubled since June, increasing yield per share.

The portfolio valuation rose not due to recent new purchases but solely because of the rise in the Ether price. Since September, holdings have remained stable, highlighting the adopted holding strategy.

SharpLink emphasizes the productive nature of the asset held, asserting: “this is the power of a productive and yield-generating asset like ETH.”

ETH attracts corporate treasuries and listed funds

Companies specializing in ETH accumulation now hold more than 5.6 million units, valued at 26.5 billion dollars, according to Strategic ETH Reserve data.

Leading the pack, BitMine Immersion Tech holds 2.83 million ETH, or 2.34 % of the total supply, valued at 13.25 billion dollars. Next is The Ether Machine, with nearly 500,000 ETH, equivalent to 2.32 billion dollars. These figures indicate a growing crypto adoption of ETH as a treasury asset.

The phenomenon also extends to regulated financial products. ETFs dedicated to ETH now hold 6.83 million units, representing 32 billion dollars, or 5.63 % of the total supply.

Combining corporate holdings and ETF assets, more than 10.3 % of the total ETH supply (12.49 million units) is now locked by institutional entities. This level of concentration is unprecedented and positions Ethereum as the second most represented crypto asset in corporate treasuries, behind bitcoin (4 million BTC), but ahead of Solana.

This gradual shift to Ethereum reflects a paradigm change in the financial management of companies exposed to the Web3. While bitcoin remains the top store of value, the increasing appeal of ETH is explained by its ability to generate returns through staking and its central role in the smart contract ecosystem. As the regulatory infrastructure refines, especially with the rise of ETH ETFs, this dynamic is expected to accelerate.