SharpLink Gaming Plans $1B Stock Sale to Expand Ether Holdings

• SharpLink filed to raise $1 billion, aiming to increase its Ether treasury holdings.
• The company will use funds for cryptocurrency purchases and general business needs.
• Ethereum co-founder Joseph Lubin joins SharpLink as board chairman to guide growth.

SharpLink Gaming, a U.S.-based sports betting firm, has filed with the Securities and Exchange Commission (SEC) to offer up to $1 billion in common stock. The company aims to use nearly all proceeds to purchase Ether (ETH), the native cryptocurrency of the Ethereum blockchain, according to its May 30 SEC filing. Besides growing its Ether treasury, SharpLink plans to allocate funds for working capital, corporate expenses, and affiliate marketing.

Strategic Move to Replace Cash With Ether

SharpLink Gaming can now issue ordinary stock, preferred shares, and other securities as needed due to its registration. Alliance Global Partners (AGP) holds $1 billion in “at-the-market” agreements, allowing stock sales as required. Once both parties finalize the contract, SharpLink can deploy funds immediately. 

The company’s strategy involves replacing cash reserves with Ether to better meet business needs. This marks a significant shift in treasury management, reflecting confidence in Ethereum’s utility amid evolving market conditions.

SharpLink’s approach echoes MicroStrategy’s aggressive Bitcoin acquisition, drawing comparisons in the crypto community. Crypto analyst 0xBoboShanti tweeted, “Ethereum finally has its own Saylor,” referencing MicroStrategy CEO Michael Saylor’s Bitcoin strategy. Ethereum educator Anthony Sassano added, “You are not bullish enough,” highlighting growing optimism around Ethereum.

Corporate Leadership and Industry Expansion

The company recently named Ethereum co-founder Joseph Lubin as chairman of its board, strengthening ties with Ethereum’s leadership. SharpLink also invested in Armchair Enterprises’ blockchain gambling platform, CryptoCasino.com, which supports Bitcoin and Ether payments via MetaMask wallets. The new funding will enable SharpLink to expand further into crypto gaming, a sector attracting users for its speed, security, and privacy.

This move may encourage other gaming companies to adopt similar Ethereum-focused treasury strategies. SharpLink’s May 27 announcement laid the groundwork for this plan, aiming to build a crypto portfolio amid regulatory challenges. The company’s integration with Ethereum highlights a trend toward digital currency adoption in corporate treasuries.

Related: Review on Ethereum: Revolutionizing Smart Contracts 

Ethereum Market Snapshot

In the last 24 hours, the price of Ethereum went down by 3.31%. As of press time, the coin is valued at $2,522.53, and the total market cap is $304.52 billion. On the day, Ethereum saw 9.30% more trading, ending with $24.83 billion traded, and 120.72 million ETH are currently in circulation. After reaching a high of $2,641 earlier, the price went down and even touched $2,475, but it recovered slightly. 

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