Gaming company Sharplink is at a $36 million loss despite increasing its ETH stash. This follows the recent decline in ETH value, with the token falling more than 6% in the last 30 days amidst market uncertainties. On-chain analyst Ember CN shared the development on X, noting that the company bought another 5,989 ETH worth $14.47 million on June 26. With its latest acquisition, Sharpink has 194,000 ETH, worth around $507 million. The company purchased its ETH at an average price of $2,611, slightly below the current price of $2,474. However, the sizable accumulation of ETH by the company is impressive given that it has been less than a month since it transitioned to an Ethereum treasury company after closing a $425 million funding round led by Consensys. However, the Sharplink is far from done with its accumulation, given that a filing with the Securities and Exchange Commission (SEC) last month shows that it has plans for another $1 billion raise, with all the funds expected to go towards accumulating ETH. Since its first purchase using funds raised from the funding round, Sharplink has been using proceeds from the sales of its shares through its at-market offering to buy more ETH. The company has also been staking all its ETH holdings to earn more Ether. Corporations showing interest in altcoin treasuries Meanwhile, the continued accumulation by Sharplink is likely part of its goal to become the biggest corporate holder of ETH in its reserves. Given its current stash, it appears to have already achieved that, especially since only a few companies have an Ethereum treasury. While it might be the one with the biggest ETH treasury, Sharplink was not the first public company to consider ETH as a treasury asset, with BioNexus Gene actually releasing an Ethereum Strategy Whitepaper back in March. Another public company with a known ETH treasury is Bit Digital. The Bitcoin miner recently transitioned to focusing solely on ETH staking and treasury, stating that it holds over 24,000 ETH and 417.6 BTC as of March 31, 2025. However, it plans to convert its Bitcoin holdings to ETH while also planning to sell its Bitcoin mining infrastructure and divert the proceeds to ETH. Unsurprisingly, the move caused its stock to fall. Nevertheless, it highlights how several companies are now hopping on the altcoin treasury trends instead of choosing BTC. For instance, companies such as Upexi, Sol Strategies, DeFi Development Corp, and MemeStrategy have all opted for a corporate Solana treasury to acquire and stake SOL. Other firms have also picked altcoins, such as HYPE, XRP, and BNB, as treasury assets. A Chinese chip maker, Nano Labs, recently released a plan to buy $1 billion BNB, while companies like ViVoPower and Webus plan to buy XRP and Lion Group Holdings is targeting a HYPE treasury. Despite this diversification among public companies, Bitcoin treasuries remain the biggest trend, with more companies establishing corporate Bitcoin strategies. Crypto entrepreneur Anthony Pompliano’s firm, ProCap BTC, recently announced a plan to go public as a Bitcoin treasury company through a special purpose acquisition deal. The company has been busy buying BTC in anticipation of the move. However, concerns about establishing crypto treasuries continue to grow, especially as the adoption keeps increasing. Some experts believe this poses a major risk, especially as many firms now leverage debt to acquire crypto assets. Sharplink stock continues to perform well Meanwhile, the unrealised loss on Sharplink’s ETH treasury has no major impact on its stock performance. According to Yahoo Finance data, Sharelink SBET closed on June 25 with a 6.42% gain and has already seen an extra 4.57% increase in pre-market. It is now trading at $10.28, with a 52.98% gain over the past month. It is also up 33.85% year to date, showing that the optimism around ETH recovery is spreading to SBET. With market observers bullish on Ether rebound, some believe Sharplink is getting in early. KEY Difference Wire : the secret tool crypto projects use to get guaranteed media coverage
