We are building a high sensitivity preclinical PET/MRI insert using a highly multiplexed light sharing PET module. Each module incorporates four 19 × 19 arrays of 1 × 1 × 20 mm3 LYSO crystals with dual-ended DOI encoding readout, requiring 32 readout channels for positioning and eight channels for timing. These constraints necessitate compact, robust electronics for digitization. We have characterized four linearized time-over-threshold circuits based on these detector requirements. The four circuits allow for high channel density and can digitize signals from highly multiplexed light sharing detectors. Each circuit digitizes one channel of a multiplexed SiPM array, yielding a binary output that interfaces directly with an FPGA. Using the optimal circuit, we have characterized the performance of a pair of PET modules. The four circuits were characterized based on linearity of the 22Na photopeak positions and energy resolution at 511 keV, as well as separation of elements in a 10 × 10 array of 1.2 mm LYSO crystals coupled with a specular reflector. Practical measures of performance were comparable to those obtained with a DRS evaluation board, which served as a reference acquisition system. The ratio of the 22Na photopeak positions was 2.0 for each circuit and the reference system, implying 20% saturation due to the SiPM. PET energy resolution of the optimal circuit was 11.8% FWHM for a single crystal versus 12.6% for the reference system, and crystals were equally well separated in all cases. PCBs implementing the optimal readout circuit were fabricated and used to construct two complete detector modules. Crystals in each of the four blocks in the module were well resolved, with a mean energy resolution of 24.4 ± 4.7%. Two modules operating in coincidence showed a single detector timing resolution of 3.0 ns, which is appropriate for preclinical applications.