SharpLink Gaming has deployed and staked about $170 million worth of ETH on Linea, an Ethereum layer-2 network. After the move, SharpLink’s total ETH holdings stand near 864,800 ETH, valued at roughly $2.7 billion based on the figures cited in the source. That places the company behind only Bitmine among public firms holding Ethereum as a treasury asset.
SharpLink sends a large ETH position to Linea
The timing stands out because the broader market has not been especially strong. The source links the move to company leadership as much as balance-sheet strategy: SharpLink’s chairman is Joseph Lubin, who is also the founder and CEO of Consensys, the company that incubated Linea. That detail gives the staking decision a clearer context. It looks deliberate and long-range rather than a tactical trade.
On Linea itself, staking carries more weight than a simple transfer. It supports network security and can help activity across the chain. In a period where layer-2 networks are competing for liquidity and attention, a public company allocating a sizable ETH position to one ecosystem sends a message the market tends to notice quickly.
Linea’s TVL has fallen sharply, but capital is still arriving
According to the source material, Linea’s total value locked dropped hard after its token launch. Peak TVL reached about $1.64 billion, while current TVL is around $186 million, a decline of nearly 89%. A contraction of that size would usually keep large allocators away.
Yet SharpLink moved in anyway. That is the core of the story. The decision suggests that at least some institutional participants are willing to commit capital during quieter periods instead of chasing the strongest phase of market hype. The article frames this as a sign that confidence in the network’s longer-term position has not disappeared even though the headline TVL number has changed dramatically.
Bitmine expands its own Ethereum position
The report also points to Bitmine, which recently added another $105 million into the same cryptocurrency. Its total balance now exceeds 4.07 million tokens, or about 3.36% of total supply, with a stated goal of reaching 5% by 2026. Bitmine’s ETH staking position stands at 1.032 million tokens, with more than $2.87 billion locked, while the company still has $915 million available in reserves.
Placed side by side, SharpLink and Bitmine point in the same direction. Public-company treasury activity around ETH is still building, and staking remains part of that strategy rather than a side feature.
ETH slips near $3,112 as outflows and liquidations weigh on price
ETH has not been trading as strongly as the treasury headlines might suggest. The source says the token fell about 1.32% over the last 24 hours to around $3,112. It lists three pressures behind that move: $159.9 million in outflows from U.S. spot ETH ETFs, $116 million in long liquidations after Bitcoin dropped below $90,000, and a $26.4 million exploit tied to Truebit that hurt short-term sentiment.
Even so, ETH remained up more than 3% on the week. The source places key support between $3,080 and $3,120, with RSI near 52 and MACD still positive but slowing. If price holds above $3,080, the next zone cited is $3,280 to $3,350. If that support fails, the article says ETH could revisit $2,950 before buyers return.