Sharplink is making waves in the market with its latest Ethereum (ETH) bet that cannot be ignored. The company recently announced a major milestone, earning approximately $28.1 million in staking rewards, or 14,516 ETH.
By staking nearly 100% of its Ethereum treasury, Sharplink uses its holdings to generate yield.
Yet despite this move, CoinGecko data indicates that Sharplink’s cash position is sitting on approximately $1.39 billion in unrealized losses due to falling Ethereum prices.
Source: CoinGecko
The company currently controls approximately 0.717% of the total Ethereum supply, and by earning daily staking rewards, it is slowly increasing its ETH holdings.
Sharplink vs. Bitmine
The situation becomes more interesting when comparing Sharplink with other large institutional players in the Ethereum market.
One of the most notable players is Bitmine Immersion Technologies, which has been aggressively increasing its Ethereum holdings.
According to its latest update, the company announced that its treasury increased to 4.47 million ETH, which represents approximately 3.71% of Ethereum’s circulating supply.
Compared to Bitmine, Sharplink’s holdings of around 864,840 ETH appear much smaller. Bitmine currently holds nearly four times as much Ethereum as Sharplink.
However, the two companies follow slightly different strategies. Bitmine focuses on large-scale accumulation and market influence, similar to how a market maker works.
At the same time, it stakes approximately 68% of its ETH holdings, or approximately 3 million ETH, to generate a return, which currently produces an estimated annual staking income of $172 million.
Sharplink, on the other hand, which stakes almost 100% of its Ethereum treasury to generate rewards, uses the yield to gradually reduce its high average purchase price of $3,588 per ETH.
Frontier Market Dynamics Around Ethereum
At the same time, the market as a whole is showing mixed signals. Despite these significant institutional investments, cryptocurrency stocks and the Ethereum market have seen some weakness recently.
SBET stock fell 1.76% to $7.26, while BMNR stock fell 4.16% to $19.57. Meanwhile, Ethereum itself was trading around $1,981, reflecting a 0.73% decline over the past 24 hours.
Data from Farside Investors also showed that Ethereum ETFs saw $10.8 million in outflows on March 3.
Source: Farside Investors
This highlights a clear contrast in the market. While retail traders and ETF investors remain cautious as Ethereum struggles near $2,000, corporate treasuries have been steadily accumulating ETH.
Sharplink in 2025 was different
To conclude, it is important to address the biggest contradiction in Sharplink’s strategy. While the company is banking almost all of its treasury on Ethereum, last year’s on-chain activity shows a more practical reality.
According to Onchain Lens, Sharplink had sold 10,975 ETH worth approximately $33.54 million in November 2025 via an OTC transaction with Galaxy Digital.
This suggests that even though the company says the bulk of its ETH remains staked, pressure from unrealized losses and the average purchase price could force it to make adjustments.
Final summary
- While ETF investors are exercising caution, corporate Treasuries appear more comfortable accumulating Ethereum at current levels.
- SharpLink’s strategy will only succeed if Ethereum’s price recovers enough to cover staking rewards and accumulation.
