SharpLink Gaming plans to sell up to $6 billion worth of shares to bolster its Ethereum treasury, up from the initial $1 billion target. It has already raised $721 million and could potentially exceed this amount.
The company currently holds over 321,000 ETH, approximately $1.1 billion, and embraces an outspoken ‘ETH-first’ strategy, similar to MicroStrategy’s approach with Bitcoin.
Joseph Lubin, co-founder of Ethereum, is joining SharpLink as Chairman of the Board, strengthening the strategic alliance between the company and the Ethereum ecosystem.
A MicroStrategy-style Strategy…but Ethereum Version
In 2025, businesses are flocking to cryptocurrencies, and recently, Wall Street has been placing significant bets on Ethereum. SharpLink Gaming, listed on the Nasdaq (SBET), is making waves in the crypto finance world.
Already the largest corporate holder of ETH globally, the American company has just announced a massive extension of its fundraising efforts. The goal: to sell up to $6 billion in shares to continue accumulating Ether in its treasury. A significant leap from the previous cap of just $1 billion set barely two months earlier.
A Record-Breaking Fundraising Effort in Full Swing
In a new filing with the SEC this Thursday, SharpLink confirms that it has already sold $721 million worth of ordinary shares. The rest? Another $5 billion potentially on the table. A portion ($279 million) might even top up the initial authorization alongside the significant new offering.
Why all this? To strengthen its ‘ETH-first strategy’. Because at SharpLink, Ether is not just an investment; it is a cornerstone of their treasury.
321,000 ETH in Stock…and It Keeps Growing
Currently, SharpLink already holds over 321,000 ETH, approximately $1.1 billion at the current rate. A rapid accumulation, boosted notably by a $425 million private placement led by Consensys in June.
A surprising twist: Joseph Lubin, Ethereum co-founder and CEO of Consensys, joins SharpLink as Chairman of the Board. A strong signal and proof of the strategic symbiosis between the two entities.
Ethereum, the New King Asset on Corporate Balance Sheets?
SharpLink’s ambition is clear: to become the MicroStrategy of Ethereum. Where Michael Saylor went all-in on Bitcoin, SharpLink is building a formidable war chest on ETH.
This strategic shift could mark a turning point for corporate finance. So far, very few listed companies had dared to bet so heavily on Ether.
At a time when Ethereum is gaining credibility with massive inflows into spot ETFs, the rise of institutional DeFi, and the consolidation of its post-merge model, this bet could prove to be…visionary.
Towards a New Era for Corporate Treasuries?
This move propels SharpLink to the forefront of aggressive players in Ethereum and could inspire other companies to rethink their treasury management in the crypto era.
In the meantime, the market is watching. And one thing is certain: with such appetite for ETH, SharpLink is not playing small.
