SharpLink Boosts ETH Treasury Strategy with $6B Stock Sale Plan

SharpLink Gaming (NASDAQ: SBET), the largest corporate holder of Ethereum (ETH), is escalating its crypto treasury strategy by increasing its equity sale target from $1 billion to $6 billion. In an updated SEC filing on Thursday, the Minnesota-based affiliate marketing firm revealed a prospectus supplement allowing the sale of an additional $5 billion in common stock, on top of the $1 billion announced on May 30.

The company has already raised $721 million under its initial filing and may sell another $279 million from the remaining authorization. The expansion signals SharpLink’s deeper commitment to Ethereum, with over 321,000 ETH—currently worth around $1.1 billion—held in its reserves.

This aggressive ETH accumulation mirrors MicroStrategy’s pioneering Bitcoin treasury strategy but shifts the focus to Ethereum as the primary reserve asset. The company’s crypto pivot gained momentum after a $425 million private placement led by Ethereum development firm Consensys in early June. The deal also brought Ethereum co-founder Joseph Lubin on board as SharpLink’s new chairman.

By leveraging public markets to fuel its ETH buying spree, SharpLink is positioning itself as a leading corporate player in the Ethereum ecosystem. The move underscores rising institutional interest in ETH as a strategic treasury asset amid growing confidence in Ethereum’s long-term utility and financial value.

With ETH prices rebounding and regulatory clarity advancing, SharpLink’s $6 billion stock sale strategy could reshape how corporations approach digital assets, further validating Ethereum as a cornerstone of corporate crypto reserves. As market structure reforms near and institutional adoption deepens, SharpLink’s bold bet may pave the way for more companies to follow suit.