SharpLink Gaming, backed by Ethereum co-founder Joseph Lubin, has announced plans to raise an additional $5 billion for a large-scale purchase of Ethereum.
This is reported by Finway
Scale of Investment and Company Strategy
In a supplement to its prospectus filed with the U.S. Securities and Exchange Commission (SEC), the company stated its intention to increase its stock offering from $1 billion to $6 billion. Almost all the funds raised by SharpLink will be directed towards purchasing Ethereum, making the cryptocurrency a key asset in its treasury strategy. Part of the capital will also be used to replenish working capital, cover operational expenses, and develop marketing.
As noted in the filing, if the entire amount is realized by July 18, SharpLink could control up to 1.38% of the current Ethereum circulation, aligning with the company’s ambitious goal of forming a reserve of 1 million ETH. Currently, the company’s treasury holds over 280,000 ETH, with 99.7% of the assets staked.
Purchasing Dynamics and Market Reaction
In just the last nine days, SharpLink has purchased Ethereum worth $515 million. Specifically, on July 17, the company acquired 32,892 ETH for $118.8 million: 18,712 coins through Galaxy Digital and another 14,180 ETH through Coinbase Prime. These transactions have allowed SharpLink to become the largest corporate holder of Ethereum, surpassing even the Ethereum Foundation.
According to the analytical resource Lookonchain, from June 2 to July 15, 2025, the company earned 415 ETH (approximately $1.49 million) solely from staking. Analysts at Galaxy Research view this increase in purchases as a positive signal for the Ethereum ecosystem.
As in the previous filing from May 30, 2025, SharpLink reiterated its intention to direct “virtually all received funds” towards acquiring Ethereum.
Despite positive assessments from experts, SharpLink’s shares (SBET) reacted to the news with a decline: on July 17, their value dropped by more than 10% to $34.8. However, by July 18, the quotes partially recovered, reaching $36.16.
Since the beginning of 2025, SharpLink’s shares have increased by 374%, but they are still 54% lower than the May peak. The company’s current market capitalization stands at $2.37 billion.
It is worth noting that on July 17, spot Ethereum ETFs recorded the largest capital inflow in history, further confirming the heightened interest in this cryptocurrency among large investors.