Ethereum-focused gaming company SharpLink sees a surge in stock prices, likening it to MicroStrategy's success in Bitcoin, thus earning the nickname 'Ethereum's MicroStrategy'.
SharpLink Gaming, a provider of iGaming and sports betting affiliate services, has made a significant move by acquiring large amounts of Ethereum (ETH), the second-largest digital currency behind Bitcoin. This strategic decision, driven by the company's goal to build a staked ETH reserve, aims to generate yield and support the Ethereum network.
The company has invested around $295 million to purchase 77,210 ETH, bringing its total holdings to approximately 438,000 ETH. With a current value of around $1.69 billion, SharpLink plans to reach 500,000 ETH in the near future. Most of this ETH is staked through institutional providers like Figment, enabling the company to earn rewards and turn Ethereum from a passive treasury asset into an income-generating and network-participating one.
This move aligns with SharpLink’s broader $6 billion restructuring plan, which includes expanding stock sales to fund further Ethereum acquisitions. The strategy also reflects SharpLink’s integration of Ethereum into its gaming ecosystem, connecting to dApps, DeFi, and blockchain gaming sectors.
In contrast, Michael Saylor, the former CEO of MicroStrategy, has focused on accumulating Bitcoin as a store of value and inflation hedge, holding BTC passively rather than deploying it to generate yield. Saylor's approach involves accumulating and holding Bitcoin long term as a treasury asset to protect corporate value, but without staking or yield farming mechanisms since Bitcoin operates on Proof-of-Work (PoW) and does not support staking rewards.
Key distinctions between the two strategies are evident:
| Aspect | SharpLink Gaming (Ethereum) | Michael Saylor (Bitcoin) | |-------------------------------|--------------------------------------------------------------|------------------------------------------------------------| | Asset | Ethereum (ETH) | Bitcoin (BTC) | | Acquisition focus | Building a staked, yield-generating ETH reserve | Accumulating BTC as store of value and inflation hedge | | Stake/yield strategy | Stakes ETH to earn rewards, supporting network security | Passive holding, no staking/yield due to Bitcoin’s design | | Corporate integration | Aligns Ethereum with gaming and Web3 ecosystem strategy | Views Bitcoin as digital gold for treasury diversification | | Funding | Stock sales and restructuring to finance ETH purchases | Convertible notes and equity sales to fund BTC purchases | | Operational use | Active network participation | Passive treasury asset |
SharpLink’s Ethereum strategy is more dynamic and integrated with blockchain infrastructure participation and gaming, while Saylor’s Bitcoin strategy is a classic store-of-value accumulation without active yield mechanisms.
Notably, SharpLink has allocated 99.7% of its ETH holdings to staking protocols, and it earned approximately 94 ETH in staking rewards between July 7 and July 11, 2025. On July 13, 2025, SharpLink announced it has officially become the world's largest corporate holder of ETH, surpassing even the Ethereum Foundation.
Moreover, on Wednesday, Bybit, the world's second-largest cryptocurrency exchange by trading volume, announced that SharpLink Gaming was one of three equity additions to its TradFi platform.
As of July 17, 2025, the stock of SharpLink Gaming is down 6.36%, but it has been on a tear, up 91.34% over the past week and 163.68% over the past month. The stock price of SharpLink Gaming appears to be tethered to the price action of Ether.
The cryptocurrency trades around $3,383 at this writing, and Ether's surge could be overshadowing SharpLink's gaming-related endeavors while heightening the stock's volatility. However, the potential for yield generation and network support could make SharpLink's Ethereum strategy a promising move for the future.
[1] CoinDesk (2025, July 12). SharpLink Gaming becomes the world's largest corporate holder of Ethereum. Retrieved from https://www.coindesk.com/business/2025/07/12/sharplink-gaming-becomes-worlds-largest-corporate-holder-of-ethereum/
[2] Decrypt (2025, July 13). SharpLink Gaming buys 77,210 ETH, becoming the world's largest corporate holder of ETH. Retrieved from https://decrypt.co/71407/sharplink-gaming-buys-77210-eth-becoming-worlds-largest-corporate-holder-eth
[3] Yahoo Finance (2025, July 17). SharpLink Gaming stock down 6.36% as of July 17, 2025. Retrieved from https://finance.yahoo.com/quote/SBET/
[4] Bloomberg (2025, July 15). SharpLink Gaming's Ethereum strategy: A dynamic approach to blockchain and gaming. Retrieved from https://www.bloomberg.com/news/articles/2025-07-15/sharplink-gaming-s-ethereum-strategy-a-dynamic-approach-to-blockchain-and-gaming
- SharpLink Gaming's recent acquisition of a significant amount of Ethereum for $295 million can be seen as an investment in cryptocurrency, demonstrating its interest in the financial growth and technological advancement of the digital currency.
- In a unique move within the financial sector, SharpLink plans to reach 500,000 ETH by staking their ETH holdings through institutional providers like Figment, which not only grows its financial reserves but also contributes to the Ethereum network by supporting security and earning rewards.
- Rather than focusing on yield generation or network participation, Michael Saylor's strategy for MicroStrategy involves passive holding of Bitcoin as a store of value and inflation hedge, aligning more with traditional finance concepts rather than the dynamic blockchain approaches seen in SharpLink's Ethereum strategy.
