Sharplink is making waves in the market with its latest Ethereum [ETH] bet that one can’t unsee. The company recently reported a major milestone, earning about $28.1 million in staking rewards, equal to 14,516 ETH.
By staking almost 100% of its Ethereum treasury, Sharplink is using its holdings to generate yield.
Yet, despite this move, data from CoinGecko indicates that Sharplink’s treasury is sitting on roughly $1.39 billion in unrealized losses due to Ethereum’s price decline.
Source: CoinGecko
The company currently controls about 0.717% of Ethereum’s total supply, and by earning staking rewards daily, it slowly increases its ETH holdings.
Sharplink vs. Bitmine
The situation becomes more interesting when Sharplink is compared 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 had grown to 4.47 million ETH, representing about 3.71% of Ethereum’s circulating supply.
When compared with Bitmine, Sharplink’s holdings of about 864,840 ETH appear much smaller. Bitmine currently holds almost four times more Ethereum than Sharplink.
However, the two companies are following slightly different strategies. Bitmine is focused on large-scale accumulation and market influence, similar to how a market maker operates.
At the same time, it is staking around 68% of its ETH holdings, about 3 million ETH, to generate yield, which currently produces an estimated $172 million in annual staking revenue.
Sharplink, on the other hand, staking nearly 100% of its Ethereum treasury to generate rewards, is using the yield to gradually reduce its high average purchase price of $3,588 per ETH.
Border market dynamics surrounding Ethereum
At the same time, the broader market is showing mixed signals. Despite these large institutional investments, both crypto-related stocks and the Ethereum market have recently experienced some weakness.
Stock of SBET fell 1.76% to $7.26, while BMNR dropped 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 recorded $10.8 million in outflows on the 3rd of March.
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 are 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 staking nearly all of its Ethereum treasury, last year’s on-chain activity shows a more practical reality.
According to Onchain Lens, Sharplink in November 2025 had sold 10,975 ETH worth about $33.54 million through an OTC transaction with Galaxy Digital.
This suggests that even though the company says most of its ETH remains staked, the pressure from unrealized loss and an average purchase price may be forcing it to make adjustments.
Final Summary
- While ETF investors show caution, corporate treasuries appear more comfortable accumulating Ethereum at current levels.
- SharpLink’s strategy will succeed only if Ethereum’s price recovers enough to cover staking rewards and accumulation.