SharpLink’s $6B Stock Sale Blitz Could Secure Over 1% of Ethereum Supply

Sharplink Gaming, backed by Ethereum co-founder Joseph Lubin, has ramped up its ambitious Ethereum acquisition strategy by expanding its stock sale program to a staggering $6 billion. This share offering increase from $1 billion signals the company’s intent to convert the majority of new equity proceeds into Ether (ETH), positioning SharpLink to potentially hold more than 1.38% of Ethereum’s circulating supply.

Since late June, SharpLink has aggressively added $515 million worth of ETH to its treasury in just nine days, bringing its total ETH reserves above 280,000 tokens, nearly all of which are staked. The company’s prospectus filing with the U.S. Securities and Exchange Commission emphasizes that most funds raised in the expanded offering will fuel further Ether purchases to build a massive crypto treasury and support its core gaming operations.

Ethereum Accumulation Accelerates

SharpLink is now the largest corporate holder of ETH, surpassing even the Ethereum Foundation in total holdings. Public comments from the company reveal a long-term goal to secure up to 1 million ETH. By staking most of its ETH reserves, the firm has also generated notable staking rewards, totaling over 400 ETH, equivalent to roughly $1.5 million in recent weeks.

Following the expansion of its equity sales, SharpLink purchased an additional 32,892 ETH valued at $115 million, highlighting a bullish conviction in Ethereum’s future. This buying spree coincides with Ether’s price rebounding above $3,500, strengthening the treasury’s value.

SharpLink’s strategic stock sales are conducted via an “at-the-market” program managed with financial partners, allowing flexible issuance of shares in line with market conditions. This substantial capital raise aims to provide liquidity primarily for ETH purchasing while supporting operational expenses and corporate growth initiatives.

Market Reaction and Financials

Despite the massive new funding round, SharpLink’s stock (SBET) traded lower recently, closing down about 2.6% and dipping almost 5% in after-hours trading. This reflects some volatility amid a 350% gain year-to-date, with the share price retreating from its May peak near $79 to the mid-$30s.

SharpLink’s latest quarterly results indicated a 24% revenue decline year-over-year and a significant shrinking in net profit margins, suggesting operational challenges amid rapid treasury expansion. The company’s next financial report is scheduled for mid-August, attracting close investor attention.

SharpLink’s ETH treasury strategy signals a new model of corporate crypto accumulation: using equity markets to buy digital assets at scale, emphasizing Ethereum’s role both as a store of value and an operational token. As the firm pushes toward a million ETH, its moves are being watched as a potential catalyst for the broader Ethereum ecosystem.