Sharplink has accumulated a total of 18,800 ETH Staking rewards after adding 491 ETH this week.
This development shows that the company's "100% ETH and 100% Staking" model continues to operate as a yield-generating mechanism, rather than simply holding ETH passively.
- Sharplink currently holds 868,699 ETH, equivalent to $2.09 billion, and has received 18,800 ETH in Staking rewards.
- BitMine remains significantly larger with 5,180,131 ETH, of which 87.9% is Staking.
- Following the announcement, the stock rose 3.35% in pre-market trading, but is still down more than 14% year-to-date.
How Sharplink is generating returns from ETH
Sharplink not only holds Ethereum but also puts all of this ETH into Staking to receive rewards, thereby gradually increasing its balance over time.
In the most recent week, the company recorded an additional 491 ETH from Staking rewards, bringing the total accumulated rewards to 18,800 ETH. The current total holdings are 868,699 ETH, worth $2.09 billion, equivalent to nearly 0.720% of the Ethereum supply.
This model was introduced in June 2025 and is described as aiming to accumulate shareholder value through returns, rather than active trading.
Sharplink is still smaller than BitMine, but the gap is being closely watched.
Compared to BitMine Immersion Technology, Sharplink's ETH scale is still much smaller, but the two are still placed in the same comparison group as they are both Ethereum-centric digital asset treasuries.
BitMine currently holds 5,180,131 ETH, equivalent to $12.48 billion. Of that, 87.9% is Staking, or 4,553,557 ETH, worth $10.77 billion.
This gap shows that the race to accumulate ETH among businesses holding the digital asset is still ongoing, especially among companies that XEM Staking as part of their treasury strategy.
How did the market react to the new announcement?
The announcement of Staking rewards supported the price of $SEBT shares, which traded at $7.85 in the pre-market session after a 3.35% increase.
However, the stock price year-on-year is still down more than 14%. At the same time, ETH is trading at $2,407.69 and has increased by more than 11% in the past month.
This development suggests that the stock's short-term reaction may be positive, but the longer-term picture still depends on the performance of ETH holdings and market price movements.
Activity of Ethereum validators is decreasing.
The number of active Ethereum validators has been trending downward over the past 30 days, particularly from the end of April to the beginning of May.
After April 21st, the downward trend became clearer, and by April 24th, the number had fallen from around 920,000 to around 914,000. By May 3rd, it had dropped below 900,000 and closed at nearly 898,000 on May 6th.
This development shows that more validators are leaving the network than joining. Currently, this is still XEM a controlled correction process, but the sharp decline at the end of April is a point to watch out for if it continues.
Summary
Sharplink continues to expand its ETH treasury model through Staking, while the market is also watching the decline in the number of validators and the level of competition with BitMine.
