SharpLink Gaming reported a strategic shift into an institutional Ethereum treasury, disclosing holdings of over 859,853 ETH (valued at more than $3.5 billion) and a $170 million deployment on the Layer 2 Linea network.
SharpLink completed a strategic pivot in 2025 from a sports‑betting affiliate to an Ethereum treasury company, including a reported $425 million private raise to support the new model. The company has since increased its ETH balance materially and publicly disclosed productive deployments designed to generate yield rather than simply hold spot exposure.
That repositioning matters because SharpLink’s public accumulation and deployment alter liquidity dynamics on Ethereum and feed bullish price scenarios published by analysts and company executives in mid‑January 2026.
Price outlook, analyst projections and market mechanics
Company commentary and market intelligence cited by analysts framed the strategy as a catalyst for renewed price discovery. Joseph Chalom, SharpLink’s co‑CEO, projected that Ethereum’s total value locked (TVL) could rise to $680 billion by 2026, a forecast he tied to an expected expansion in stablecoins and tokenized real‑world assets.
Analyst scenarios referenced in the reporting ranged widely, with some models citing price bands between $7,000 and $17,000 for the late‑2025 to 2026 window. Those projections combined three drivers highlighted by market sources: concentrated corporate treasury accumulation, productive deployment of ETH into yield strategies, and continued institutional inflows such as ETFs.
SharpLink’s activation of its ETH treasury presents both a demand impulse and a structural change: converting passive corporate balances into yield‑generating, networked assets increases on‑chain utility but also raises operational considerations for custody, liquidity and counterparty risk. The strategy has already influenced investor perception of treasuries as active asset management tools rather than static reserves.
“Ethereum’s Total Value Locked could reach $680 billion by 2026,” said Joseph Chalom, co‑CEO of SharpLink, encapsulating the company’s view that tokenized assets and stablecoin growth will anchor heavy on‑chain liquidity.
Investors and compliance teams will now watch three things as tests of the thesis: the pace of TVL growth on Ethereum, the magnitude and timing of institutional inflows (including ETF activity), and whether SharpLink and similar treasury actors can sustain yield with acceptable custody and liquidity profiles.
