Joe Lubin Outlines SharpLink’s Plan to Outpace Rivals in ETH Accumulation

Joe Lubin, Ethereum co-founder and SharpLink Gaming chairman, announced the company will accumulate Ether faster than any other firm to expand its treasury holdings.

SharpLink Gaming deploys capital daily through at-the-market facilities and stakes existing reserves to build its Ether position more rapidly than competing projects. Lubin spoke on Bloomberg Television on July 28, stating SharpLink expects to accumulate more Ether per fully diluted share than any Ethereum-based project or Bitcoin-focused competitor. 

The company uses continuous capital raises and yield-generating staking to drive shareholder growth. SharpLink plans conservative financing despite rapid expansion. Lubin said the company currently uses no leverage but is considering a convertible note offering, a strategy MicroStrategy used to expand its Bitcoin holdings. 

“No matter what we do, we’re going to keep leverage very much in check,” Lubin said, adding that shareholders would benefit while risk remains managed.

Lubin is one of eight original Ethereum founders and serves as CEO of infrastructure firm Consensys. SharpLink Gaming, founded in 2019 as a sports‑betting technology firm, pivoted in May 2025 to launch an ETH treasury strategy, part of a broader trend of publicly traded companies institutionalizing their balance sheets.

Tom Lee’s BitMine Immersion Technologies currently leads the ETH treasury rankings with 566,800 ETH valued at $2.13 billion. SharpLink holds second place with 438,017 ETH (≈ $1.69 billion) after a $295 million on‑chain purchase of 77,210 ETH on July 27–28, 2025. The Ethereum Foundation, The Ether Machine and PulseChain round out the top five positions.

Large-scale treasury adoption is creating demand pressure for Ether, helping it narrow the performance gap against Bitcoin and Solana during the current market cycle. ETH has gained 110% over three months to trade near $3,800, while many competing assets posted modest double-digit increases.

Crypto cybersecurity analyst Wilson Ye wrote that major players are showing “institutional FOMO at scale,” rushing to establish dominant positions before potential ETF approvals. He said the competition validates the thesis that ETH is becoming an institutionalized infrastructure.