Sharplink Gaming’s expanded $6B share offering could buy 1% of ETH

Joseph Lubin-backed SharpLink Gaming has drastically increased the equity it intends to sell to scoop up more Ether — and has added $515 million of Ether to its treasury in just the last nine days. In a prospectus supplement filed with the US Securities and Exchange Commission on Thursday, SharpLink said it has increased the amount of common stock it can sell by an extra $5 billion, up from a billion under its initial May 30 filing . Similar to its prior prospectus, SharpLink said it will use the majority of the proceeds to acquire Ether ($ETH). “We intend to contribute substantially all of the cash proceeds that we receive to acquire Ether [...] We also intend to use the proceeds from this offering for working capital needs, general corporate purposes, operating expenses and core affiliate marketing operations.” If SharpLink were to use $6 billion to buy $ETH for its treasury today, it would hold nearly 1.38% of $ETH’s circulating supply. On Monday, SharpLink became the largest corporate holder of $ETH, and in a more recent X post , SharpLink hinted that it intends to hold 1 million $ETH for its treasury. As of Tuesday, the company held more than 280,000 $ETH in its reserve, with approximately 99.7% of the asset being staked. SharpLink has generated 415 $ETH, worth $1.49 million, as a staking reward between June 2 and July 15. Related: SharpLink buys 10,000 $ETH from Ethereum Foundation as Ether reclaims $3K Following the regulatory filing of its increased share offering, SharpLink bought another 32,892 $ETH, worth $115 million. The company has now purchased $515 million worth of $ETH in the past nine days, according to Lookonchain. Galaxy Research noted that SharpLink surpassing the Ethereum Foundation’s total $ETH holding acts as a positive catalyst for the ecosystem. Sharplink Gaming (SBET) stock ended Thursday’s trading session at $36.40, a decrease of 2.62%. The stock further fell after the bell and ended the after-hours trading session with a cut of 4.95% at $34.60, according to Google Finance. SBET is up 350% year-to-date; however, the stock is down 54% from its May 29 high of $79.21. In the March quarter, SharpLink saw its revenue decline 24% year-on-year, while its net profit margin decreased by 110% during the quarter. The company is expected to announce its next quarterly results on Aug. 13, according to Nasdaq. []