Sharplink Gaming sits on almost $1B in unrealized gains as ETH rallies

With Ether climbing about 4.5% in the past 24 hours, Sharplink Gaming’s holdings have ballooned in value, leaving the company sitting on almost $1 billion in unrealized gains.

The company revealed that its investment in Ether has resulted in more than $900 million of unrealized gains since it started establishing its position in June. The firm’s balance sheet now holds 838,730 ETH, valued at around $3.93 billion — equivalent to approximately 0.69% of the total Ether supply in circulation.

Sharplink gains $900M since ETH strategy launched in June

Sharplink announced: “SharpLink’s unrealized profit now surpasses $900M since launching the ETH treasury strategy on June 2, 2025. […] With 839k ETH on our balance sheet and no debt, SharpLink’s in a strong position to keep generating value for stockholders.”

The firm described the outcome as proof of how powerful a yield-bearing asset like ETH can be. The company’s gains were driven by Ether’s most recent rally, which sent the token up from around $4,500 on Monday to $4,700 on Tuesday.

Data from the Strategic ETH Reserve revealed that Sharplink increased its Ether stake progressively, kicking off with 176,300 ETH before adding more in July and August. The firm’s ETH stash has remained steady at around 839,000 since September, although rising prices have increased its value.

Overall, Ether-heavy corporate treasuries have continued their accumulation trend, pushing combined holdings past 5.6 million ETH, valued at more than $26.5 billion. Leading the group is BitMine Immersion Tech, which owns 2.83 million Ether valued at $13.25 billion, accounting for around 2.34% of all ETH in circulation.

Sharplink comes next, followed by The Ether Machine, which holds nearly 500,000 ETH valued at more than $2.32 billion.

Recently, Sharplink Gaming’s newly appointed co-CEO, Joseph Chalom, has dismissed concerns that corporate crypto treasuries could destabilize the market cycle. As reported by Cryptopolitan, he describes the trend as a “white swan event” that steers major investors toward Ethereum, rather than signaling a repeat of the FTX collapse.

He said Sharplink is focusing on how the network can power stablecoins, tokenization, and other tools that lead to lower trading costs and risk.

“When they start realizing that they can reduce their capital requirements for trading, when they think they can reduce the risk involved in trading and transacting, and moving money, I think it’s going to be inevitable,” he said. “The white swan event is: We’re explaining to users what the potential is, and you’re starting to see that adoption.”

Sharplink wants to tokenize its common stock on Ethereum

Recently, Sharplink Gaming also announced its intention to issue tokenized versions of its SEC-registered common stock on Ethereum, with Superstate serving as its digital transfer agent. Moreover, according to reports, the company had a total shareholder return of 0.85% over the past year, indicating slow but stable momentum, with shares ticking up as its blockchain ambitions attract more attention.

Currently valued at 7.8x book value, Sharplink Gaming trades at a hefty premium to both the U.S. hospitality average (3.1x) and its peer benchmark (2.1x), indicating that investors remain optimistic about its outlook despite the stock’s recent climb.

When compared to a peer group averaging a 2.1x price-to-book ratio, Sharplink’s premium stands out, implying anticipated faster growth or a breakthrough in digital strategy. That said, risks exist if the market overestimates near-term performance, given the absence of a clear fair-value reference.

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