SharpLink Ups Equity Sale to $6B as It Doubles Down on Ethereum Treasury Strategy

SharpLink Gaming (NASDAQ: SBET), the largest public holder of ether (ETH), is ramping up its crypto treasury ambitions, increasing its equity sale target from $1 billion to $6 billion to accelerate ETH accumulation.

In a Thursday filing with the U.S. Securities and Exchange Commission (SEC), the Minnesota-based affiliate marketing firm announced a $5 billion expansion to its original $1 billion stock sale plan, initially filed on May 30. To date, SharpLink has already raised $721 million under the previous prospectus and retains the option to sell an additional $279 million under that same authorization.

“We are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion,” the company stated in its latest SEC filing.

The newly raised capital will continue fueling SharpLink’s aggressive ETH acquisition strategy. The firm now holds more than 321,000 ETH — currently valued at approximately $1.1 billion — making it the largest corporate Ethereum holder on record.

This treasury pivot gained momentum in June, when the company secured a $425 million private placement led by Consensys. That same round brought Ethereum co-founder Joseph Lubin onto SharpLink’s board as chairman — a symbolic move that cemented the firm’s long-term commitment to Ethereum.

SharpLink’s ETH strategy mirrors early bitcoin treasury plays by MicroStrategy, but with a clear focus on Ethereum as its core asset. The company’s shift reflects growing confidence among corporate players in Ethereum’s long-term value as both a financial asset and the backbone of decentralized applications.