SharpLink’s ETH treasury experiment is starting to look like a model, not a gamble

In just three weeks, SharpLink’s ETH-per-share exposure jumped from 2.00 to 2.37. Once known for sports betting tech, the company is now setting institutional benchmarks in crypto treasury management, staking every coin, tracking exposure, and raising the bar.

In a press release dated July 8, Minneapolis-based iGaming giant SharpLink Gaming said it now holds 205,634 Ethereum (ETH) tokens on its balance sheet, after purchasing another 7,689 ETH in the first week of July at an average price of $2,501 per token.

SharpLink’s aggressive crypto pivot earlier this year saw it acquire 176,270.69 ETH, worth approximately $463 million at the time, as part of its treasury transformation, a move that positioned the company as the world’s second-largest Ethereum holder, behind only the Ethereum Foundation.

While this strategic shift mirrored a broader trend among public companies embracing crypto treasury strategies in 2025, SharpLink’s approach has been notably more comprehensive than that of most peers.

Unlike companies that dabble in crypto as a speculative side bet, SharpLink has gone all-in—staking 100% of its holdings, optimizing yield through restaking, and introducing transparency metrics that give shareholders direct insight into its Ethereum exposure.

SharpLink’s ETH concentration metric

SharpLink’s latest financial disclosures reveal the company’s new ETH Concentration metric, first introduced in June to track how many Ethereum tokens the company holds per 1,000 assumed diluted shares outstanding.

While the metric sounds deceptively simple, its concept has weighty implications. Unlike traditional diluted share calculations that account for potential equity adjustments, SharpLink’s ETH Concentration metric takes a maximalist approach, counting all possible shares while excluding typical accounting caveats like vesting conditions or exercise prices.

This creates what amounts to a worst-case scenario measurement, giving shareholders absolute clarity about their minimum ETH exposure per share. For a market still grappling with how to value crypto-heavy balance sheets, this level of transparen

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Author: Brian Danga

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