It is common thinking that SharpLink Gaming is the “ETH version of MicroStrategy”. This is possibly owed to SharpLinks transformative shift to become a public ETH treasury company.
Sharplink has pivoted fromgaming and sports betting to build a business model around accumulating, holding, and monetizing large reserves of Ethereum (ETH).
Previously, MicroStrategy was famous for holding massive amounts of Bitcoin as a corporate treasury asset.
From Gaming Tech to Ethereum Treasury
Sharplink previously focused on fantasy sports marketing and gaming software. It’s evolution into a pure-play Ethereum treasury company has been orchestrated through a $425 million financing round.
The funding was led by ConsenSys, the blockchain software firm behind MetaMask. It is also one of the core development firms supporting Ethereum’s infrastructure.
SharpLink’s newly adopted ETH-focused business model leverages Ethereum’s proof-of-stake (PoS) system to generate yield.
Bitcoin lacks a native staking mechanism due to its Proof-Of-Work (PoW) consensus. Ethereum on the other hand, allows token holders to earn rewards by validating transactions on the network.
SharpLink has taken this opportunity to stake nearly 100% of its ETH holdings, enjoying anannual yields of 5–6% thanks to them.
In addition to basic staking, SharpLink utilizes advanced strategies like restaking protocols and liquid staking through platforms such as Lido and Rocket Pool.
These services allow SharpLink to earn additional yield while retaining liquidity and the ability to use derivative tokens.
Derivative tokens like stETH help yield farming and decentralized finance (DeFi) activities.
Ethereum Ecosystem Backing and Leadership
Adding weight to its strategic shift, Joseph Lubin, Ethereum co-founder and CEO of ConsenSys, has joined SharpLink as Chairman of the Board.
His appointment further deepens the company’s alignment with the Ethereum ecosystem and lends institutional credibility to SharpLink’s new corporate identity.
Major crypto-native investors including Pantera Capital, ParaFi, Galaxy Digital, Arrington Capital, and Electric Capital have also taken part in the capital raise.
This shows growing interest in Sharplink as a public market vehicle for Ethereum exposure.
Public Market Proxy for ETH
Much like MicroStrategy stock has become a widely followed proxy for Bitcoin in traditional finance, Sharplink’s stock is increasingly being viewed as a tradable instrument offering indirect ETH exposure.
The company has even introduced a transparency metric called “ETH Concentration”, which publicly tracks how much Ethereum is held per 1,000 fully diluted shares.
This gives investors a real-time benchmark for ETH exposure per share.
Since June 2025, Sharplink has earned more than 415 ETH through staking activities, which are automatically reinvested into the treasury.
Leading the ETH Treasury Trend
Other companies like GameSquare Holdings have recently announced plans to allocate portions of their corporate treasuries to ETH.
However, Sharplink remains the dominant player in both size and visibility.
Its combination of deep Ethereum ecosystem ties, capital market access, and technical staking infrastructure has made it the reference point for ETH-centric treasury strategies.
Concluding Thoughts
SharpLink Gaming’s radical reinvention positions it as a publicly traded gateway into Ethereum’s yield-generating ecosystem.
While MicroStrategy championed Bitcoin as a store-of-value for corporations, SharpLink is charting a new path.
It is one that not only holds Ethereum but uses it as a productive asset, staking and restaking for maximum yield and value creation.
As traditional investors seek crypto exposure without holding tokens directly, Sharplink is emerging as the leading public equity proxy for Ethereum.
