SharpLink Seeks to Raise Up to $6 Billion to Buy More Ethereum

SharpLink Gaming (SBET), a Minnesota-based affiliate marketing firm and the largest corporate holder of Ethereum, has significantly expanded its equity sale ambitions to support an aggressive ETH accumulation strategy. In a prospectus supplement filed with the U.S. Securities and Exchange Commission on July 17, the company increased the amount of common stock it is authorized to sell from $1 billion to a staggering $6 billion.

The firm revealed that it has already sold approximately $721 million under the original $1 billion authorization and intends to sell the remaining $279 million, in addition to the newly approved $5 billion. Proceeds from the offering will primarily be used to purchase additional ETH, although a portion will also fund working capital, general corporate purposes, and core affiliate marketing operations. The company stated in the filing:

“We intend to contribute substantially all of the cash proceeds that we receive to acquire Ether.”

Ethereum treasury strategy accelerates

SharpLink has intensified its ETH acquisition over the past two weeks, buying 32,892 ETH worth approximately $115 million following the July 17 filing. According to blockchain analytics firm Lookonchain, the company has accumulated $515 million in ETH over the past nine days alone. 

SHARPLINK GAMING BOUGHT ANOTHER $100M ETH

SharpLink Gaming wallets saw inflows of $115M ETH in the past 12 hours. They now hold $1.3 BILLION.

Will they ever stop buying? pic.twitter.com/aTnnzBcxmx

— Arkham (@arkham) July 18, 2025

This strategic pivot was catalyzed by a $425 million private placement led by Consensys in early June. Joseph Lubin, CEO of Consensys and co-founder of Ethereum, joined SharpLink as chairman of its board, underscoring the company’s commitment to Ethereum as a core treasury asset. In a recent post on X, SharpLink hinted at ambitions to ultimately hold 1 million ETH, which would represent approximately 1.38% of Ethereum’s circulating supply at today’s levels.

Since June 2, SharpLink has generated 415 ETH in staking rewards, currently valued at about $1.49 million.

ETH price surges as corporate interest and ETF inflows grow

Ethereum has seen strong price momentum in recent weeks, buoyed by institutional interest and growing ETF inflows. ETH has risen 21.6% in the last week and 44.8% over the past month, recently surpassing the $3,600 mark. This marks its highest price since January 2025.

CoinCodex’s algorithmic Ethereum price prediction remains bullish, projecting ETH to continue its upward trajectory and peak at $6,860 in October. If realized, this would represent an 89% increase from current levels.

SharpLink’s aggressive treasury strategy and institutional backing could further fuel market confidence in Ethereum, especially as the asset continues to mature within the corporate and investment landscape.