Gaming firm SharpLink has seen its unrealized profits from Ethereum (ETH) holdings jump to over $900 million since June 2025. During this period, the company has doubled its ETH holdings, which has increased the value of each share. With 839,000 ETH on its balance sheet and no debt, SharpLink is in a reliable position to provide value to its shareholders.
Besides, SharpLink’s co-CEO Joseph Chalom shared his excitement on X, noting the broader impact of Ethereum ETF developments. “It’s great news that Grayscale’s ETH ETFs are now able to stake their $ETH,” he said.
However, Joseph emphasized the advantage SharpLink holds over ETFs, explaining that, “At SharpLink, we’re able to stake 100% of our $ETH, generating superior yield.” Chalom also hinted that the firm plans to create ETH-denominated revenue streams, which will further boost its Ethereum concentration and overall valuation.
Corporate race for Ethereum dominance
Meanwhile, BitMine Immersion Technologies became the biggest Ethereum holder after buying 179,251 ETH last week, worth around $823 million. This pushed its total stash to 2.83 million ETH, valued at nearly $13 billion, making it the top Ethereum treasury firm. SharpLink followed in second place, while The Ether Machine came third with 496,000 ETH, worth about $2.28 billion.
The Ethereum Foundation currently holds about 222,000 ETH, worth a little over $1 billion. Besides that, Coinbase, PulseChain Sac, and Bit Digital also own more than 100,000 ETH each. Surprisingly, even the U.S. government is said to be on the list of major holders, with roughly 60,000 ETH, valued at around $275 million.
On September 25, SharpLink announced that it would bring its traditional company shares onto the Ethereum blockchain. The firm said it is working with financial tech company Superstate to make this happen. If successful, SharpLink could become the first public company to place its stock fully on-chain.
The project will use Superstate’s Opening Bell platform, which would allow companies to convert regular shares into blockchain-based tokens on networks like Ethereum and Solana in a safe and legal way.
As of writing, Ethereum was trading at $4,726.73, up 4.6% over the past 24 hours, according to CoinMarketCap, indicating increasing institutional interest.
SharpLink’s ETH growth and stock tokenization show how public companies are starting to merge crypto with traditional finance.
Also Read: Grayscale Becomes First U.S. ETP to Offer Ethereum, Solana Staking
