SharpLink Gaming posts $900 million in unrealized ETH gains since switching to a DAT

The increase in SharpLink’s Ethereum holdings has brought the treasury closer to the 1 million ETH milestone.

Since launching its ETH treasury strategy on June 2, 2025, Ethereum treasury firm SharpLink Gaming has seen unrealized gains of over $900 million.

During this period, the company’s ETH holdings have doubled, resulting in a corresponding increase in the value of each share.

Nearly 1 million ETH milestone

SharpLink currently has 839,000 ETH on its balance sheet and maintains a debt-free position. With this, the company is approaching its first major milestone of 1 million ETH. In a post on X, the Nasdaq-listed company said,

“SharpLink is in a strong position to continue to generate value for shareholders. This is the power of a productive and yield-bearing asset like ETH.”

Founded in 1995 in Minneapolis, SharpLink built its early success through sports betting and online casino marketing, primarily through its affiliate network, PAS.net. For more than 30 years, the company has been helping major operators acquire customers in various markets. In mid-2025, SharpLink announced plans to transition from its traditional operations into an Ethereum treasury company.

The pivot was motivated by both financial pressure and strategic opportunities. By March 2025, SharpLink had experienced a 24% decline in revenue and a 110% decline in net profit margins. At the same time, growing demand for cryptocurrency exposure among traditional investors, spurred by Ethereum and Bitcoin ETFs, provided a clear market opening. Ethereum’s performance over the past decade also made it a compelling hedge against inflation.

ETH Treasury Powerhouse

While SharpLink has been actively expanding its ETH holdings, BitMine Immersion Technologies remains the largest publicly traded ETH treasury company. Last week, the company added 179,251 ETH to its portfolio, which at current prices amounts to approximately $823 million. This pushed the total Ethereum balance to 2.83 million tokens, worth about $13 billion.

In addition to Ethereum, BitMine has 192 Bitcoins worth about $24 million, a $113 million investment in Eightco Holdings, and $456 million in cash. The ETH was purchased at an average price of $4,535 per token, below the current price of $4,625, giving the company a favorable unrealized gain. In a statement, BitMine Chairman Tom Lee said said,

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“We continue to believe that Ethereum will be one of the largest macro transactions in the next 10-15 years. Wall Street and AI’s move to the blockchain should lead to a greater transformation of the current financial system. And most of this is happening on Ethereum.”