Gaming Tech Firm Bets Big on Crypto: Stakes 188,478 ETH as Options Trading Launches

Rhea-AI Filing Summary

SharpLink Gaming (NASDAQ: SBET) announced two significant developments in a recent 8-K filing. First, the company's common stock options have been approved for trading on the Nasdaq Options Market, expanding its financial product offerings.

Key ETH Operations Highlights:

• Acquired 12,207 ETH between June 16-20, 2025 at an average price of $2,513 per ETH
• Total purchase value: $30.67 million
• Current aggregate ETH holdings: 188,478 ETH
• Generated 120 ETH in staking rewards
• 100% of ETH holdings deployed in staking activities

ATM Facility Update: The company raised approximately $27.7 million through the sale of 2,547,180 shares of common stock via its ATM facility with A.G.P./Alliance Global Partners between June 16-20, 2025.

Positive

• SharpLink Gaming's options approved for trading on Nasdaq Options Market, potentially increasing trading liquidity and investment opportunities
• Company significantly expanded its ETH holdings to 188,478 ETH with 100% deployed in staking activities, generating 120 ETH in rewards
• Successfully raised approximately $27.7 million through ATM facility, strengthening the company's financial position

Negative

• Substantial capital deployment of $30.67M into ETH at average price of $2,513 represents significant cryptocurrency exposure risk
• Dilutive impact from issuing 2.54M new shares through the ATM facility
• Company acknowledges regulatory uncertainty around staking activities, which could impact their crypto operations

Insights

Crypto Asset Analyst

SharpLink discloses massive Ethereum position with 188,478 ETH fully staked, funded partially through recent stock offerings.

This filing reveals SharpLink Gaming's significant position in Ethereum (ETH), with holdings that have grown to an impressive 188,478 ETH as of June 20, 2025. The company recently acquired an additional 12,207 ETH for $30.67 million at an average price of $2,513 per token. What's particularly notable is that 100% of their ETH holdings are deployed in staking activities, through both native and liquid staking mechanisms, which has already generated 120 ETH in rewards.

The company is funding these crypto acquisitions primarily through an at-the-market (ATM) offering facility. Between June 16-20, 2025, SharpLink sold over 2.5 million shares, generating approximately $27.7 million in net proceeds that were promptly deployed into ETH purchases. This rapid conversion of equity capital to cryptocurrency assets represents a clear strategic focus on building Ethereum exposure.

SharpLink's acknowledgment that "aspects of our Staking Activities may be subject to government regulation and guidance subject to change" highlights the regulatory uncertainty still surrounding crypto staking. The scale of their ETH position—now approaching 200,000 ETH—transforms the company's risk profile and effectively positions SharpLink as a publicly-traded ETH staking entity, with its financial performance increasingly tied to Ethereum's ecosystem performance and regulatory developments.

8-K Event Classification

2 items: 7.01, 8.01

2 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.

Understanding 8-K Material Events →

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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):   June 23, 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 June 23, 2025, SharpLink Gaming, Inc. (the “Company”) issued a press release. The Company announced that options on its common stock are approved for trading on the Nasdaq Options Market. 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.

On June 24, 2025, the Company issued a press release announcing the Company’s ETH holdings to date and net proceeds from the Sales Agreement, dated May 30, 2025, between the Company and A.G.P./Alliance Global Partners, as Sales Agent (the “ATM Facility”). The press release is attached as Exhibit 99.2 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 and Exhibit 99.2, 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 June 16, 2025 through June 20, 2025, the Company acquired 12,207 ETH for an aggregate purchase price of $30,674,829 (inclusive of fees and expenses) and an average purchase price per ETH of $2,513 (inclusive of fees and expenses). The purchases were made using the proceeds the Company received from the ATM Facility as described herein. The Company engages in staking activities with respect to its ETH (“ETH Holdings”). As of June 20, 2025, 100% of its ETH Holdings were deployed in staking, either through native or liquid staking (“Staking Activities”). As of June 20, 2025, the Company’s aggregate ETH Holdings were 188,478. This is an estimated amount that the Company would hold if the ETH allocated to Staking Activities was unstaked, and is not inclusive of any rewards generated to-date. As of June 20, 2025, the Company has generated 120 ETH rewards. We note that aspects of our Staking Activities may be subject to government regulation and guidance subject to change.

At-the-Market Facility

During the period from June 16, 2025 through June 20, 2025, the Company sold a total of 2,547,180 shares of the Company’s common stock, par value $0.0001 per share, for net proceeds of approximately $27.7 million pursuant to the ATM Facility.

Exhibit No.		Description
99.1		Press Release, dated June 23, 2025
99.2		Press Release, dated June 24, 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: June 24, 2025	SHARPLINK GAMING, INC.
	/s/ Rob Phythian
	Rob Phythian
	Chief Executive Officer

FAQ

How many ETH does SBET hold as of June 20, 2025?

As of June 20, 2025, SBET's aggregate ETH Holdings were 188,478 ETH, with 100% of holdings deployed in staking activities. The company has additionally generated 120 ETH in rewards through staking.

How much did SBET raise through its ATM facility in June 2025?

Between June 16-20, 2025, SBET sold 2,547,180 shares of common stock through its ATM facility, generating net proceeds of approximately $27.7 million.

What was SBET's average purchase price per ETH in June 2025?

During June 16-20, 2025, SBET purchased 12,207 ETH at an average price of $2,513 per ETH (inclusive of fees and expenses), for a total purchase price of $30,674,829.

What major announcements did SBET make in its June 2025 8-K filing?

SBET made two major announcements: 1) The approval of options trading for its common stock on the Nasdaq Options Market (announced June 23), and 2) An update on its ETH holdings and proceeds from its ATM facility with A.G.P./Alliance Global Partners (announced June 24).

What percentage of SBET's ETH holdings are being staked?

As of June 20, 2025, 100% of SBET's ETH Holdings were deployed in staking, either through native or liquid staking activities.