SharpLink (SBET) updates ETH: 859,853 ETH, $75M recent buys

SharpLink Gaming (SBET) reported an update on its Ethereum strategy.

Rhea-AI Filing Summary

SharpLink Gaming (SBET) reported an update on its Ethereum strategy. From Oct 17–19, 2025, the company acquired 19,271 ETH for an aggregate purchase price of approximately $75,000,000 at a weighted average of $3,892 per ETH, using proceeds from a registered direct offering that closed on Oct 17, 2025.

As of Oct 19, 2025, SharpLink’s aggregate ETH holdings were 859,853 ETH, including 601,143 native ETH and 258,710 ETH as-if redeemed from liquid staking (LsETH). The company noted that substantially all ETH holdings were deployed in staking, including through liquid staking.

Since launching its ETH treasury strategy on Jun 2, 2025, SharpLink has generated 5,671 ETH in staking rewards, comprised of 2,237 native staking rewards and 3,434 as-if redeemed LsETH rewards. The company also noted that aspects of its staking activities may be subject to government regulation and guidance subject to change.

Insights

Digital assets & treasury policy analyst

Large ETH position disclosed; most holdings are staked.

SharpLink detailed significant ETH activity: it bought 19,271 ETH for approximately $75,000,000 at a weighted average of $3,892 per ETH between Oct 17–19, 2025, funded by a registered direct that closed on Oct 17, 2025. As of Oct 19, 2025, aggregate holdings reached 859,853 ETH, with substantially all deployed in staking, including liquid staking.

The company reports cumulative staking rewards of 5,671 ETH since Jun 2, 2025, split between native and as‑if redeemed LsETH. The filing also highlights that aspects of staking may be subject to government regulation and guidance that can change, which can affect how staking is conducted.

Key items to track in subsequent disclosures include the composition of native versus LsETH, the level of deployed versus undeployed assets, and any updated statements regarding regulatory guidance related to staking activities.

8-K Event Classification

3 items: 7.01, 8.01, 9.01

3 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ETH purchases did SBET disclose in the update?

The company acquired 19,271 ETH for approximately $75,000,000 at a weighted average of $3,892 per ETH between Oct 17–19, 2025.

How many ETH does SharpLink (SBET) hold as of Oct 19, 2025?

Aggregate ETH holdings were 859,853 ETH, including 601,143 native ETH and 258,710 ETH as‑if redeemed from LsETH.

Are SBET’s ETH holdings staked?

Yes. As of Oct 19, 2025, substantially all ETH holdings were deployed in staking, including through liquid staking.

How many staking rewards has SBET generated?

Since Jun 2, 2025, the company generated 5,671 ETH in staking rewards: 2,237 native and 3,434 as‑if redeemed LsETH.

What funded SBET’s recent ETH purchases?

The purchases used proceeds from a registered direct offering that closed on Oct 17, 2025.

Did SBET mention regulatory considerations for staking?

Yes. The company noted aspects of its staking activities may be subject to government regulation and guidance subject to change.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/21/2025 - 08:15 AM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2025

SHARPLINK GAMING, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41962		87-4752260
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

333 Washington Avenue North, Suite 104, Minneapolis, Minnesota		55402
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (612) 293-0619

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock, $0.0001 per share		SBET		The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On October 21, 2025, SharpLink Gaming, Inc. (the “Company”) issued a press release announcing the Company’s ETH holdings to date and gross proceeds from the registered direct offering that closed on October 17, 2025 (the “Registered Direct”). The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this item 7.01 by reference.

The information in this Item 7.01 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1 is being furnished to the U.S. Securities and Exchange Commission, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.

Item 8.01 Other Events.

ETH Update

During the period from October 17, 2025 through October 19, 2025, the Company acquired 19,271 ETH for an aggregate purchase price of approximately $75 million (inclusive of fees and expenses) at a weighted average purchase price per ETH of $3,892 (inclusive of fees and expenses). The purchases were made using the proceeds the Company received from the Registered Direct as described herein. The Company engages in staking activities with respect to its ETH (“ETH Holdings”). As of October 19, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking (“LsETH”). As of October 19, 2025, the Company’s aggregate ETH Holdings were 859,853, of which 601,143 of the total ETH Holdings are native ETH and 258,710 ETH as-if redeemed from LsETH. As of October 19, 2025, the Company has generated 5,671 ETH staking rewards, since launching its ETH treasury strategy on June 2, 2025. Total staking rewards are comprised of 2,237 native staking rewards and 3,434 as-if redeemed LsETH staking rewards. All references herein to “as-if redeemed LsETH” represents ETH as-if redeemed from LsETH on October 19, 2025 based on the LsETH conversion factor at midnight UTC on that date. We note that aspects of our staking activities may be subject to government regulation and guidance subject to change.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated October 21, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 21, 2025	SHARPLINK GAMING, INC.
	/s/ Rob Phythian
	Rob Phythian
	Co-Chief Executive Officer