SharpLink Ethereum Strategy Expands with $6B Stock Sale

In a bold move mirroring early Bitcoin treasury strategies, SharpLink Gaming (NASDAQ: SBET) has raised its equity sale plan from $1 billion to a staggering $6 billion. As reported in a recent filing with the U.S. Securities and Exchange Commission (SEC) and covered by CoinDesk, the company is using this capital to grow its Ethereum (ETH) reserves—making it the largest corporate holder of ETH to date.

From Gaming to Ethereum Powerhouse

SharpLink Gaming, a Minnesota-based affiliate marketing firm known for online gaming and sports betting tech, is now gaining attention for a very different reason—its aggressive Ethereum buying spree.

By mid-July 2025, the company had already acquired over 321,000 ETH, worth around $1.1 billion. This makes it one of the most ambitious crypto treasury plays ever seen from a public company.

A new prospectus supplement filed with the SEC on Thursday details this expansion. It significantly increases the amount of common stock the firm can sell under its Sales Agreement.

“We are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion,” the filing reads. This is in addition to the $1 billion plan filed earlier on May 30, under which $721 million worth of stock has already been sold.

A Strategic Pivot with Heavyweight Backing

What kicked off this massive ETH accumulation? A $425 million private placement in early June, led by ConsenSys, an Ethereum software company.

The deal did more than just inject cash—it also brought Ethereum co-founder Joseph Lubin onto SharpLink’s board as chairman. This clearly shows SharpLink’s serious commitment to Ethereum in the long run.

By partnering with Lubin, the company is now more closely tied to Ethereum’s broader ecosystem. It’s also building a relationship with one of the most trusted voices in the crypto world.

A Modern Echo of MicroStrategy’s Bitcoin Bet

SharpLink’s Ethereum strategy closely resembles MicroStrategy’s early Bitcoin approach. However, unlike MicroStrategy, SharpLink is placing its bet on Ethereum—a move that stands out in the growing trend of Web3 treasury diversification.

By making ETH a central part of its reserves, SharpLink is showing strong confidence in Ethereum’s future. The company is banking on the network’s continued improvements—like layer-2 scaling and ongoing upgrades following the Merge.

This bold shift may push other companies to rethink where they keep their value. As inflation weakens the reliability of traditional assets like cash and gold, crypto—especially Ethereum—could become a more attractive alternative.

What’s Next for SharpLink and Ethereum?

At this point, SharpLink still has $279 million left from its original plan and a fresh $5 billion to deploy. If the company uses the full $6 billion, it could grow its ETH stash to around 500,000 coins, worth nearly $1.7 billion, depending on market trends.

That raises a big question: Will other public companies follow suit? And can Ethereum continue to justify this kind of institutional trust?

Regardless of what happens next, one thing is clear: SharpLink is no longer just a gaming company. It’s fast becoming a major force in crypto’s new corporate chapter.