SharpLink Gaming has revealed plans to raise up to $1 billion through a sale of common stock, intending to significantly expand its Ethereum (ETH) treasury holdings. The initiative aligns with the firm’s previously announced strategy of building a robust reserve of the cryptocurrency.
According to documents recently filed with the SEC, the company could issue as many as 72.05 million common shares under the ticker symbol “SBET.” The initial offering price of roughly 12.6 million shares has been set at $79.21 each, reflective of the closing market value recorded on Nasdaq on May 29. However, the final volume of stock actually sold and the eventual offering price may vary depending on market conditions and the company’s decisions.
In its disclosure to the SEC, SharpLink Gaming explicitly emphasized that nearly all the capital raised from the stock sale would be utilized for acquiring Ether, affirming the firm’s focused commitment to bolstering its digital asset holdings. This development follows prior communications issued by the firm in May, in which the objective to build a sizable Ether-backed treasury was first outlined.
If SharpLink achieves its goal of selling all available shares, it may be positioned to secure approximately 400,000 ETH at current market rates. Observers have noted the company’s strategy closely parallels the bitcoin-acquisition methods popularized by notable corporate bitcoin holder Michael Saylor.
Following the announcement, SharpLink shares saw a sharp decline of up to 24% in pre-market trading on June 2, slipping from $76.70 to $58.15. This reaction sharply contrasts with market sentiments seen just days prior, when the company declared its intention to initiate a private placement of $425 million for Ethereum purchases—a move that previously catapulted SBET’s share price by around 420%.
This marks SharpLink Gaming’s latest step in ramping up its Ethereum treasury ambitions. In May, the company announced raising over $400 million through private placements to establish and strengthen its Ethereum reserves. Following the successful closure of that deal, Ethereum co-founder Joseph Lubin was appointed chairman of SharpLink’s board of directors.
SharpLink is not alone in shifting toward Ethereum holdings in recent months. However, despite increasing institutional interest in crypto treasuries, corporate demand for Ethereum remains considerably less widespread compared to enterprise adoption of Bitcoin. Recently, notable exceptions have emerged, including French real estate firm Entreparticuliers, which saw a dramatic increase in stock price—over 800%—following its announcement to accumulate Ethereum reserves.
As of the latest trading data, Ethereum was valued around $2,484, having declined roughly 0.4% over the preceding 24-hour period, with a total market capitalization hovering around $300 billion.
