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SharpLink Bets Big on DeFi With $3 Billion ETH Treasury
SharpLink Gaming has emerged as a publicly traded company attracting attention with its institutional Ethereum strategy. The company’s crypto assets reached approximately $3 billion, while ETH holdings increased from 817,747 tokens on September 30 to 861,251 ETH as of November 9, 2025. This aggressive treasury strategy has fundamentally transformed the company’s financial outlook and responded to institutional investors’ search for indirect Ethereum exposure.
The company reported $104.3 million in net income for the third quarter ending September 30, 2025. This figure translates to $0.62 per fully diluted share. For a company that recorded a net loss of approximately $885,000 in the same period the previous year, this result signals a striking turnaround.
Ethereum-Focused Strategy Delivers Results
SharpLink’s revenue surge reflects both ETH price gains and its strategic pivot toward serving institutional Ethereum investors. As of September 30, 2025, the company held $11.1 million in cash and $26.7 million in USDC stablecoins. The majority of ETH holdings were directed into staking mechanisms to optimize returns.
The company also launched a $1.5 billion share repurchase program. During the third quarter, it spent $31.6 million under this program to buy back 1,938,450 shares. In October 2025, it completed a $76.5 million direct stock offering at a 12% premium to market price.
This move demonstrated investor demand for ETH-linked equity exposure. SharpLink management reinforced confidence in its treasury model and ability to attract institutional capital through these steps.
$200 Million Linea Investment
At the center of SharpLink’s strategy lies a plan to deploy Ethereum onto Consensys’ Linea platform. The company committed $200 million to this zkEVM Layer 2 solution. Linea provides full Ethereum compatibility while offering low fees and fast settlement.
Research on Linea’s official website claims the network achieves zero-knowledge proving up to 10 times faster than general zkVMs. This feature provides concrete advantages for DeFi applications.
SharpLink utilizes ether.fi and EigenCloud for institutional-grade staking and restaking services on Linea. The EigenCloud blog explains that the $200 million deployment blends liquid staking with restaking through EigenLayer’s Actively Validated Services (AVS), generating additional yield streams on top of standard staking rewards.
Anchorage Digital provides custody services, ensuring compliance and security. This approach reflects a 2025 trend of public companies using DeFi protocols to enhance treasury returns.
Senior Appointments and Strategic Outlook
SharpLink expanded its leadership team by appointing senior professionals from leading finance and crypto firms. Matthew Sheffield joined as Chief Investment Officer, Mandy Campbell as Chief Marketing Officer, and Michael Camarda as Chief Data Officer. These names bring experience from FalconX, Bain Capital Crypto, Consensys, and JPMorgan.
The company also launched tokenized SBET on Ethereum through a partnership with Superstate. This step expands its on-chain activity and creates new ways for shareholders to engage within the Ethereum ecosystem.
SharpLink scheduled a conference call for November 13, 2025, at 8:30 a.m. ET to discuss third-quarter results and outlook. Investors and analysts are expected to examine the sustainability of the company’s yield-generation model, the regulatory landscape for public crypto holdings, and the potential for further capital deployment into DeFi protocols.
