Nasdaq-listed Ethereum treasury company SharpLink (ticker: SBET) generated 509 ETH from staking rewards in the week ending June 22, 2026, bringing its total holdings to 876,285 ETH. Worth over $3 billion at current prices, that makes SharpLink the second-largest corporate Ethereum holder globally, trailing only BitMine.
A rapid accumulation strategy
SharpLink launched its Ethereum-focused treasury strategy on June 2, 2025, and has since accumulated 22,102 ETH in cumulative staking rewards. The company started with roughly 1,388 ETH in early staking rewards and has seen that figure balloon to over 22,100 ETH in under 12 months.
Its average purchase price stands at $3,609 per ETH, giving investors a clear cost basis to evaluate whether SBET shares trade at a discount or premium to the underlying assets. From approximately 198,478 ETH in July 2025, holdings have more than quadrupled. The growth is fueled not just by staking rewards but also by aggressive at-the-market share sales, where SharpLink issues new equity to buy more Ethereum.
Leadership and financial reporting
SharpLink's board includes Ethereum co-founder Joseph Lubin and former BlackRock executive Joseph Chalom. The company recognizes staking revenue under US GAAP, making the yield modelable for institutional investors. In May 2026, it announced the Galaxy Sharplink Onchain Yield Fund, a partnership to optimize yields beyond basic staking.
Investor implications
Weekly staking disclosures provide regular data on treasury growth. For shareholders, SBET acts as leveraged, yield-generating Ethereum exposure within a traditional equity structure, appealing to pension funds, retirement accounts, and institutional allocators restricted from holding crypto directly.
However, the at-the-market share issuance dilutes existing shareholders. If Ethereum's price falls below the $3,609 average cost basis, the treasury goes underwater. The staking yield offers a buffer—509 ETH per week against 876,285 ETH represents an annualized yield of roughly 3%—but that won't offset a significant price decline.