SharpLink, the Nasdaq-listed Ethereum treasury company trading under the ticker SBET, pulled in 499 ETH from staking rewards in just the past week. That brings the company’s cumulative staking haul to 23,490 ETH since it kicked off its treasury strategy, and its total Ethereum holdings now sit at 887,673 ETH.

For context, that’s the second-largest Ethereum stash held by any publicly traded company on the planet. The only outfit holding more is Bitmine Immersion Technologies (BMNR), which controls over 5.7 million ETH.

The MicroStrategy playbook, but for Ethereum

SharpLink provides what it calls structured equity exposure to Ethereum. Investors buy SBET stock on Nasdaq, and that stock price is heavily tied to how much ETH the company holds per share. It’s a way to get Ethereum exposure through a traditional brokerage account without touching a wallet or an exchange.

SharpLink actively stakes its holdings. That 499 ETH earned in a single week is essentially passive income generated from helping secure the Ethereum network. The 23,490 ETH accumulated through staking alone represents a meaningful addition to the balance sheet without the company spending a single dollar.

SharpLink maintains a public ETH dashboard that breaks down its holdings, staking rewards, and per-share ETH concentration metrics. The average purchase price across its entire portfolio sits at $3,586 per ETH, according to that dashboard.

Recent buying spree signals confidence

SharpLink resumed active Ethereum purchases in June 2026 after what appears to have been a pause in direct buying. On June 25, the company scooped up 5,000 ETH. Shortly after, it grabbed another 10,000 ETH at an average price of $1,611 per coin. That’s notably below its overall portfolio average of $3,586, which means those recent buys actually improved the company’s cost basis.

The purchases pushed total holdings from approximately 872,984 ETH in May 2026 to the current 887,673 ETH figure. That’s a net increase of roughly 14,700 ETH in about two months, combining both direct purchases and staking rewards.

The company funds these acquisitions partly through at-the-market equity offerings, a mechanism that lets it sell new shares gradually at prevailing market prices rather than through a single large offering. It also executes share repurchases, creating a two-way flow that management can use to manage dilution and signal confidence.

The competitive landscape for public ETH treasuries

SharpLink’s position as the number-two public Ethereum holder is noteworthy because this category barely existed a couple of years ago. Bitmine Immersion Technologies, the leader in this space, holds over 5.7 million ETH. SharpLink’s nearly 888,000 ETH treasury held approximately 521,939 ETH as of August 2025. By May 2026, that had grown to roughly 872,984 ETH. Now it’s at 887,673 ETH. The company has added over 365,000 ETH to its balance sheet in less than a year.

That 499 ETH weekly staking reward represents roughly a 0.056% weekly return, or about 2.9% annualized if the rate holds steady. Those staking rewards get added to the total, which then generates more rewards the following week.

What this means for investors

For anyone watching SBET as a proxy for Ethereum exposure, the key metric isn’t just total ETH held. It’s ETH per share. At-the-market offerings dilute the share count, while ETH purchases and staking rewards increase the numerator. The interplay between those two forces determines whether shareholders are actually gaining or losing ETH exposure over time.

SharpLink’s dashboard transparency is designed to address exactly this concern, giving investors real-time visibility into whether the company is creating or destroying value on a per-share basis.

The recent purchases at $1,611 suggest management sees current prices as attractive. Buying ETH at roughly 55% below the portfolio’s average cost of $3,586 also means the overall position was significantly underwater at the time of purchase.