Sharplink Bets Big on Ethereum, Stakes Another 39,319 ETH Worth $91 Million

Another Staking Batch, Another Data Point

Lookonchain flagged the transaction, reporting that Sharplink Gaming staked another 39,319 ETH worth close to $91 million at current prices. The move is in line with a historical pattern the Nasdaq-listed company has followed for over a year, where it has continued accumulating ether, then routing the bulk of it into staking and liquid-staking derivatives rather than letting it sit idle.

Sharplink, ticker SBET, has built its entire corporate identity around this strategy. The company pivoted from sports betting marketing to ether accumulation in mid-2025 under Chairman Joseph Lubin, the Ethereum co-founder and Consensys chief executive, who has positioned Sharplink as the second-largest corporate ether holder, trailing only Bitmine Immersion.

A Treasury Approaching the 900,000 Ether Mark

The freshly staked 39,319 ETH lands on top of a treasury that Bitcoin.com News reported at 888,938 ETH as of August 3, up from the 886,725 ether the company held roughly five weeks earlier at the end of June. That prior update showed the holdings split across 632,719 native ETH held directly, 181,299 ETH represented via the liquid-staking token LsETH, and 72,707 ETH via weETH, giving Sharplink exposure to staking yield while keeping part of its position liquid.

The pace of accumulation has slowed compared to Sharplink’s early buying spree, but the company has kept adding in smaller, steady batches rather than making one-off purchases. Staking nearly the entire balance has become the more consistent theme, since idle ether earns nothing while staked ether generates a yield that shows up directly on the income statement.

Staking Revenue Offsets a Rough Quarter

Sharplink’s staking activity generated $11.2 million in revenue, the bulk of $11.5 million in total Q2 2026 revenue, though the figure missed Wall Street’s $12.3 million estimate. The quarter still produced a steep $394.3 million net loss, driven mainly by a $321 million unrealized loss on crypto holdings and $76.1 million in impairments tied to liquid-staking positions as ether’s price slid during the period.

Co-chief executive Joseph Chalom, who joined Sharplink from Blackrock’s digital assets team in July, has stated that the strategy centers around a single metric rather than quarterly share-price swings. “Every financing decision we make is based on our long-term objective to increase ETH per share,” Chalom said when the June treasury update was reported.

Sharplink Is Not Alone in Leaning on Staking

A couple of months ago, Bitcoin.com News’ report on ether treasury companies found that staking made up roughly 60% of reported revenue across a six-company average, even as the group posted combined losses topping $1.4 billion, according to staking infrastructure provider Everstake.

Sharplink itself booked $25.6 million in staking revenue for full-year 2025, a figure that has since been eclipsed by the $11.2 million it generated from staking in the second quarter of 2026 alone.

Lastly, it bears mentioning that the firm Sharplink seeded a $125 million Galaxy Sharplink Onchain Yield Fund with $100 million of staked ETH to diversify its earnings. The structure is aimed at outperforming the base staking rate through additional onchain strategies, but institutional ownership in SBET has climbed toward 60%, with a recent Schedule 13G filing flagging another sizeable passive stake. This suggests the market is underwriting the bet that Sharplink can keep compounding ether per share even through volatile quarters.