Ether holds as Sharplink discloses 867,798 ETH in 8-K

What Sharplink disclosed: 867,798 ETH holdings and staking split

Consensys-backed Sharplink (Nasdaq: SBET), referred to as SharpLink Gaming in some reports, disclosed that it holds 867,798 ETH as of February 15, 2026, according to an SEC Form 8-K filed on February 19, 2026. The filing indicates that the total includes both native Ether and derivative staking positions (LsETH and WeETH), with detailed components and rewards summarized below.

The 8-K formalizes ongoing treasury updates and aligns the company’s reporting with institutional expectations for asset segregation and staking transparency. The disclosure cadence and format are designed to help investors reconcile gross ETH exposure with the staking mix and reward accruals over time.

Why it matters: 46% institutional ownership and valuation context

Institutional investors held 46% of Sharplink’s outstanding common stock as of December 31, 2025, as reported by MarketScreener. That concentration can affect the firm’s governance profile and cost of capital, and it often correlates with demands for consistent metrics on net asset value (NAV), staking yield drivers, and liquidity.

Sharplink’s strategic posture has also been framed by backers as advancing Ethereum’s enterprise footprint. “A long-term commitment to Ethereum’s institutional relevance and decentralization mission,” said Joseph Lubin, Chairman and Founder of Consensys, in earlier remarks, as cited by CCN.

From a valuation standpoint, coverage and investor commentary frequently reference an NAV and price-to-book (P/B) lens when assessing an ETH-heavy balance sheet. If shares trade below ETH-per-share NAV, improved disclosure, stronger governance signals, or capital allocation actions may help narrow any discount over time, though outcomes are uncertain and not assured.

Immediate impact: transparency, risk posture, and governance signals

Breaking out native ETH from liquid and wrapped staking exposures improves the market’s ability to evaluate contract, counterparty, and operational risks relative to plain-vanilla staking. Presenting “as-if redeemed” values for LsETH and WeETH clarifies potential unwind paths and helps calibrate duration and liquidity considerations.

Sharplink’s risk posture remains anchored to a single-asset concentration in Ethereum, with staking introducing smart-contract, validator, and platform risks alongside yield. Under U.S. GAAP, certain digital assets may incur non-cash impairment charges when prices fall; these accounting effects can diverge from actual cash flows and realized outcomes, which is why clear disclosure of methodology matters for comparability.

At the time of this writing, Ethereum trades near $1,924.94 with very high 17.70% volatility and an RSI(14) of 34.26 described as neutral, based on data from Investing.com. Market context does not determine corporate value on its own, but it frames near-term optics around NAV, staking yields, and any observed discount or premium in the equity.

Holdings breakdown: native ETH, LsETH, WeETH, and rewards since June 2025

As detailed by TradingView, the 867,798 ETH total is composed of approximately 587,232 ETH held natively, 225,429 ETH on an “as-if redeemed” basis from liquid staking (LsETH), and 55,137 ETH on an “as-if redeemed” basis from wrapped staking (WeETH). Since June 2, 2025, cumulative staking rewards reported in the disclosure total 13,615 ETH, comprising 4,560 ETH from native staking, 8,906 ETH from LsETH, and 149 ETH from WeETH.

These figures give investors a line-of-sight into how much yield has been generated and where derivative staking contributes to reward accruals. They also provide a baseline for monitoring future shifts between native and derivative positions as market conditions, protocol yields, or risk tolerances evolve.