Nasdaq-listed SharpLink (SBET) has continued expanding its Ethereum treasury after on-chain data showed another large staking allocation on September 29.
Lookonchain reported that the company staked 42,074 ETH, valued at about $112.8 million, bringing tracked holdings to 892,127 ETH, or roughly $2.4 billion. The same update put the firm’s cumulative staking rewards at 27,945 ETH, worth about $75 million.
The latest transfers, tracked on Arkham, moved ETH from SharpLink-linked wallets into Lido’s wstETH referral staking contracts. The activity is consistent with the firm’s stated policy of keeping nearly all of its ether productive rather than idle on the balance sheet.
Treasury scale and weekly yield
SharpLink launched its ETH treasury strategy on June 2, 2025, after shifting away from its earlier sports-betting marketing focus. The company has since raised billions of dollars to buy ether and measure performance mainly by ETH per share. Its public ETH dashboard publishes weekly holdings, staking rewards, and concentration metrics.
Company posts on X already confirmed the same 27,945 ETH reward total as of September 22, after a weekly increment of 413 ETH. That figure matches the on-chain snapshot published a week later, suggesting the newest 42,074 ETH deposit is incremental staking of existing inventory rather than a newly disclosed purchase.
The strategy relies on a mix of native validators and liquid staking tokens, including LsETH and weETH. Earlier this year SharpLink also allocated capital through Lido, a step previously covered in SharpLink’s Lido staking expansion. Institutional custody arrangements, including Anchorage, have been used to keep the program inside a public-company control framework.
Yield funds and public-market exposure
Staking income has become a material operating line even when mark-to-market swings dominate GAAP results. In the second quarter of 2026, SharpLink reported $11.2 million of staking revenue while posting a large paper loss tied to ether price moves, a split discussed in SharpLink’s Q2 treasury update. Management has argued that ETH concentration, not short-term earnings, is the primary scorecard.
The firm has also tried to lift returns above base staking yield. In May it announced the Galaxy Sharplink Onchain Yield Fund, a $125 million vehicle with $100 million of SharpLink ETH and $25 million from Galaxy Digital. That structure was designed to keep core ether exposure while adding DeFi and restaking overlays, as outlined in the Galaxy-SharpLink fund launch.
Joseph Lubin, Ethereum co-founder and Consensys chief, serves as chairman. CEO Joseph Chalom, a former BlackRock digital-asset executive, has repeatedly said the company stakes “nearly 100%” of holdings from the start of the program. Institutional ownership of SBET stock rose to 46% by the end of 2025, according to SharpLink’s February 19 announcement.
The September 29 staking batch does not by itself change the company’s public narrative. It does show that SharpLink is still deploying capital into Ethereum’s proof-of-stake system at a corporate scale few listed peers match, with rewards now approaching 28,000 ETH since mid-2025.
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