Nasdaq-listed Sharplink Gaming (SBET) has staked an additional 39,319 ETH, valued at approximately $91 million. The transaction, flagged by Lookonchain, continues a multi-quarter strategy where the company accumulates ether and routes the bulk of its holdings into staking and liquid-staking derivatives rather than leaving the assets idle.
The latest transaction expands a corporate treasury that stood at 888,938 ETH as of August 3. The company's prior update from the end of June showed its holdings divided into 632,719 native ETH held directly, 181,299 ETH held via the liquid-staking token LsETH, and 72,707 ETH via weETH.
Sharplink pivoted its business model from sports betting marketing to ether accumulation in mid-2025 under Chairman Joseph Lubin, the Ethereum co-founder and Consensys chief executive. The strategy places Sharplink as the second-largest corporate ether holder globally, trailing only Bitmine Immersion.
Financial results for the second quarter of 2026 highlight the impact of the company's staking operations. Sharplink generated $11.2 million in staking revenue, making up the vast majority of its $11.5 million in total revenue for the quarter, though the figure missed Wall Street estimates of $12.3 million. Despite the staking revenue, the company reported a net loss of $394.3 million for the quarter, driven largely by a $321 million unrealized loss on crypto holdings and $76.1 million in impairments tied to liquid-staking positions during a period of sliding ether prices.
Co-CEO Joseph Chalom, who joined the firm from BlackRock's digital assets team in July, previously noted that the company focuses on long-term accumulation. "Every financing decision we make is based on our long-term objective to increase ETH per share," Chalom stated.
Additionally, Sharplink seeded a $125 million Galaxy Sharplink Onchain Yield Fund with $100 million of staked ETH to diversify its earnings through extra onchain strategies. Institutional ownership in SBET has climbed toward 60%, supported by recent regulatory filings indicating sizeable passive stakes.
