SharpLink Gaming (SBET), a Minnesota based digital marketing company, submitted a prospectus supplement to the SEC on Thursday, aiming to increase its sellable stock offering from $1 billion to $6 billion.
The move unlocks $5 billion in new equity funding aimed directly at expanding SharpLink’s Ethereum holdings. Already the largest corporate holder of ETH, the firm currently owns over 321,000 ETH worth $1.1 billion.
The updated filing reveals that SharpLink has already sold $721 million worth of shares under its original May 30 plan. Besides that, it still has $279 million left to sell from that offer. With this new supplement, it can raise an additional $5 billion for Ethereum purchases.
With this, the firm’s pivot to Ethereum now appears more aggressive and calculated. Ethereum traded at $3,653.72 during the update, up 6.37% in 24 hours, according to CoinMarketCap.
Ethereum Strategy Backed by Consensys
SharpLink’s ETH strategy followed a $425 million private placement led by Consensys in early June. Moreover, Consensys CEO and Ethereum Co-founder Joseph Lubin joined as Board Chairman. This alliance gives SharpLink strategic credibility and stronger ties to Ethereum’s core development.
Besides building reserves, SharpLink is positioning itself as a high-stakes ETH-focused financial entity. With this, the firm has become one of the ETH-heavy firms in crypto history.
Despite the ETH narrative, SBET stock has continued to be volatile. On July 18, it closed at $36.40, down 2.62%—as per market data. After hours, it slipped further to $34.60. However, SBET is still up 350% year-to-date but it’s 54% below its May peak of $79.21.
Also Read: BitMine Now Holds $1B in Ethereum Treasury Joins SharpLink
