- It plans to spend nearly the entire $5 billion raised on Ethereum.
- SharpLink purchased more than $500,000,000 worth of Ethereum in the last nine days.
- Following these purchases, the company’s stock fell more than 10 percent.
SharpLink Gaming is a company that was founded by Joseph Lubin and backed with Ethereum. The U.S. Securities and Exchange Commission has filed an additional prospectus. The firm’s representatives stated that they plan to raise the potential share offering to $6 billion.
It is the company’s intention to increase its Ethereum investment by making it the basis of its Treasury strategy.
SharpLink, in its filing of May 30, 2025 reiterated that it intends to “substantially” use all proceeds to purchase Ethereum. The remaining proceeds will go towards working capital, operational expenses and marketing.
The company could have a 1.38% share of Ethereum’s circulating supply if it spent all the money on July 18. SharpLink aims to accumulate 1,000,000 ETH of crypto-reserves. SharpLink now holds over 280,000 ETH, with 99.7% of them being staked.
The firm purchased 515 million dollars worth of Ethereum in the last nine days, which includes 32,892 worth $118.8 on 17 July–18,712 via Galaxy Digital, and 14,180 via Coinbase Prime. SharpLink is now the biggest corporate Ethereum holder, exceeding the Ethereum Foundation.
Lookonchain reports that the activity of the company on the market is steadily growing. Moreover, staking fee alone generated 415 ETH between June 2, 2025 and July 15, 2020 (around $1.49million). Galaxy Research analysts view the increase in purchases as positive for the Ethereum eco-system.
SharpLink’s (SBET), despite the optimism of experts, saw its shares fall in response to this news. TradingView reports that the securities of SharpLink (SBET) fell more than 10 percent to $34.80 on July 17. On July 18, however, they recovered partially and were quoted at $35.16 at the time this article was written.
SharpLink’s shares are down by 54% from the high of May, despite a 374% increase since 2025. SharpLink’s market cap is currently $2.37 billion.
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