SharpLink Gaming, Inc. (NASDAQ: SBET) has emerged as the world's second-largest corporate holder of Ethereum with 728,804 ETH ($2.6 billion) as of June 30, 2025, trailing only BitMine Immersion Technologies. This marks a dramatic acceleration in accumulation since June 2, 2025, when the company held 521,939 ETH – representing an increase of over 200,000 ETH in under two months.
The Minneapolis-based iGaming firm, chaired by Ethereum co-founder Joseph Lubin and co-led by ex-BlackRock strategist Joseph Chalom, has deployed $2.6 billion raised through institutional agreements and equity sales to execute its treasury strategy. Nearly 100% of its ETH is staked, generating approximately 1,326 ETH in rewards while actively participating in network validation.
Despite reporting a Q2 net loss of $103.4 million – primarily due to an $87.8 million non-cash impairment charge on liquid-staked ETH (LsETH) under GAAP rules and stock-based compensation – the company maintains its commitment. No ETH was sold, with the impairment reflecting accounting technicalities rather than economic divestment. SharpLink's proprietary ETH Concentration metric surged 98% to 3.95, signaling aggressive accumulation efficiency.
Leadership emphasized Ethereum's role as "the core trust commodity of the next-generation financial system", positioning the strategy as a long-term bet on DeFi and smart contract adoption. Investor response remains cautiously optimistic amid the company's stock momentum.