SharpLink Expands Equity Offering to $6B as Ethereum Treasury Strategy Accelerates
SharpLink Gaming (NASDAQ: SBET), now the largest corporate holder of ether (ETH), is significantly increasing its equity sale target to support an aggressive ETH accumulation strategy.
According to an updated filing with the U.S. Securities and Exchange Commission (SEC) on Thursday, the Minnesota-based digital marketing and gaming firm raised its authorized common stock sale from $1 billion to $6 billion. The prospectus supplement includes $5 billion in new authorization, in addition to $279 million remaining from the original $1 billion filing submitted on May 30.
“We are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion,” the filing noted. To date, the company has already sold $721 million under the initial program.
Proceeds from the sale are fueling SharpLink’s treasury pivot into ether. The company now holds more than 321,000 ETH — currently valued at around $1.1 billion — making it the most ETH-heavy corporate balance sheet in existence.
The move follows a $425 million private placement led by Ethereum software giant Consensys in June. As part of that deal, Ethereum co-founder Joseph Lubin joined SharpLink’s board as chairman.
SharpLink’s ETH-focused strategy mirrors early Bitcoin treasury plays by companies like MicroStrategy but takes aim at Ethereum’s broader utility in decentralized finance (DeFi) and application layers.
With institutional adoption of ETH continuing to build, SharpLink’s positioning could offer a blueprint for future corporate crypto reserves beyond Bitcoin.
