Sharplink is gaining attention for a significant achievement in the Ethereum [ETH] market. The company has recently earned approximately $28.1 million – equivalent to 14,516 ETH – through staking rewards.
By staking almost 100% of its Ethereum treasury, Sharplink is using its holdings to generate yield.
However, even with this recent action, CoinGecko data shows that Sharplink is currently facing approximately $1.39 billion in unrealized losses because the price of Ethereum has fallen.
The company currently holds around 0.72% of all Ethereum in existence. By earning rewards for participating in Ethereum’s staking process each day, they are gradually adding to their ETH holdings.
Sharplink vs. Bitmine
Comparing Sharplink to other major players in the Ethereum market reveals a more complex picture.
Bitmine Immersion Technologies is a key player and has been rapidly building up its Ethereum reserves.
The company recently reported its Ethereum holdings have reached 4.47 million ETH, which makes up around 3.71% of all Ethereum currently in circulation.
Sharplink’s Ethereum holdings, around 864,840 ETH, are considerably less than Bitmine’s. Bitmine currently has almost four times the amount of Ethereum as Sharplink.
While both companies are pursuing similar goals, their approaches differ somewhat. Bitmine is concentrating on building up a large supply and impacting the market, functioning in a way that resembles a traditional market maker.
Currently, the platform is staking approximately 68% of its Ethereum (around 3 million ETH) to earn rewards, generating an estimated $172 million in annual revenue from staking.
Sharplink is staking almost all of its Ethereum holdings to earn rewards, and using those earnings to slowly lower the average price it originally paid for each Ethereum, which was $3,588.
Border market dynamics surrounding Ethereum
The overall market is currently sending mixed messages. Even with significant investments from large institutions, both stocks connected to cryptocurrency and the Ethereum market have recently shown some decline.
SBET stock decreased by 1.76% to close at $7.26, and BMNR fell 4.16% to $19.57. At the same time, the price of Ethereum was around $1,981, down 0.73% over the last day.
According to data from Farside Investors, Ethereum ETFs experienced $10.8 million in outflows on March 3rd.
There’s a noticeable difference in how different groups are behaving in the market right now. While individual investors and those using ETFs are hesitant as Ethereum hovers around $2,000, companies are consistently buying more ETH.
Sharplink in 2025 was different
In summary, Sharplink’s plans and its actual performance don’t quite match up. The company is heavily investing its Ethereum holdings, but last year’s data reveals a more cautious approach in practice.
Data from Onchain Lens shows that in November 2025, Sharplink sold 10,975 ETH to Galaxy Digital in a private transaction worth approximately $33.54 million.
This indicates that despite the company’s claims about most of its Ethereum still being staked, financial pressures from potential losses and the original cost of the investment might be pushing it to change its strategy.
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.
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2026-03-04 13:59