SharpLink Gaming, a company backed by Ethereum co-founder Joseph Lubin, has announced its intention to raise an additional $5 billion for a large-scale purchase of Ethereum. According to updated documents filed with the U.S. Securities and Exchange Commission (SEC), the company is increasing the potential offering of shares from $1 billion to $6 billion, with nearly all funds directed toward investments in ETH.
This is reported by Business • Media
Strategy for Scaling Crypto Reserves
SharpLink views Ethereum as the foundation of its treasury strategy and plans to concentrate the majority of the raised funds on this cryptocurrency. As stated in the company’s announcement, “virtually all the funds raised” will go towards acquiring ETH, while the remainder will be used to increase working capital, cover operational expenses, and develop marketing initiatives.
If the company had utilized the entire amount on July 18, it could have controlled up to 1.38% of the total Ethereum turnover. SharpLink aims to achieve a reserve of 1 million ETH. Currently, the company holds over 280,000 ETH, with 99.7% of this volume engaged in staking.
Intensive ETH Purchases and Market Reaction
In the past nine days, SharpLink has purchased Ethereum worth over $515 million. Specifically, on July 17 alone, $118.8 million was invested in 32,892 ETH: 18,712 coins were bought through Galaxy Digital, and another 14,180 ETH were acquired via Coinbase Prime. These actions have made SharpLink the largest corporate holder of Ethereum, even surpassing the Ethereum Foundation.
“In the past nine days, SharpLink has purchased cryptocurrency worth over $500 million.”
The company’s market activity is increasing, as confirmed by analytical data. From June 2 to July 15, 2025, staking rewards alone brought the company 415 ETH (approximately $1.49 million). Galaxy Research experts consider such purchase volumes a positive signal for the Ethereum ecosystem.
However, despite the optimistic forecasts from experts, SharpLink’s shares (SBET) reacted to the news with a decline. On July 17, their value dropped by over 10% to $34.8, although by July 18, it partially recovered and was quoted at $36.16.
Since the beginning of 2025, SharpLink’s securities have increased by 374%, but remain 54% below the May peak. The company’s market capitalization stands at $2.37 billion.
It is worth noting that on July 17, spot Ethereum ETFs recorded a record influx of capital, indicating high interest in the asset among investors.