In brief
- SharpLink Gaming plans to differentiate itself from other Ethereum treasury firms in 2026.
- The second-largest ETH treasury will not just accumulate for the sake of it, SharpLink CEO Joseph Chalom told Decrypt.
- SBET shares have fallen over the last six months, but institutional ownership is increasing according to Chalom.
Digital asset treasuries burst onto the scene in 2025, racing to accumulate billions of dollars’ worth of crypto assets like Bitcoin and Ethereum.
But 2026 is about more than buying ETH for Ethereum treasury firm SharpLink Gaming, which aims to stand apart from the pack by focusing on long-term stability and avoiding splashy moves for the sake of it.
“We’re not going to be the people who are prioritizing accumulation over everything,” SharpLink CEO Joseph Chalom told _Decrypt. _“2026 is really differentiating ourselves from the pack, and being viewed as the focused, disciplined digital asset treasury (DAT).”
The firm has amassed 865,797 ETH or more than $2.6 billion thus far, but it hasn’t made a major acquisition since October. That’s because the firm plans to only add ETH to its treasury when it’s accretive to shareholders, or when its multiple to net-asset-value (mNAV) is above 1.
That means it has fallen well behind leading Ethereum treasury firm BitMine Immersion Technologies (BMNR) in terms of accumulation, as that Tom Lee-fronted firm holds more than 4.2 million ETH valued at greater than $12.6 billion. BitMine has also made investments along the way, most recently putting $200 million into Beast Industries, the firm of YouTube superstar MrBeast.
“If I just wanted to accumulate, I could raise capital every month, every day, and dilute my shareholders,” said Chalom. “We’re not doing that.”
“We’re not distracted by unfocused investments—we’re not stuck as a zombie DAT,” he added. “If you have institutional capital or you want to invest in the long run, we are that focused DAT with discipline and sophistication. That’s how we want to end the year.”
Shares in the firm (SBET) have fallen more than 60% over the last six months, but Chalom said institutional ownership of the firm’s shares is increasing, providing a signal that the story it is telling is resonating with longer-term thinkers.
“I think it’s how we’re telling our story and operating,” he said. “We’re doing it really systematically and methodically, and it tends to attract people who are interested in a long-term investment thesis.”
Earlier this month, the firm staked $170 million of its ETH holdings on Ethereum layer-2 network Linea as part of a multi-year effort that allows it to generate higher-than-normal yields and additional incentives for investors.
The move is the first of its kind for SharpLink, which ultimately wants to “pioneer” the productive use of ETH among digital asset treasuries.
Like BitMine, SharpLink plans to ultimately hold 5% of the Ethereum circulating supply—but Chalom said it will do so with shareholders’ interests at the forefront.
“We will get there, but my north star is being investor-aligned and focused on ETH concentration per share—not accumulation for the sake of accumulation,” said Chalom.
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