Sharplink Gaming Inc., a company known for its online gaming marketing services, has revealed a major move: it plans to sell up to $5 billion worth of common stock, with the primary goal of using the money to buy Ethereum (ETH). This step is part of the company’s broader strategy to strengthen its cryptocurrency holdings and adopt ETH as its main treasury reserve asset.
Expanding Stock Offering to $6 Billion
In a recent filing with the U.S. Securities and Exchange Commission (SEC), the company revealed that this new $5 billion offering adds to an already existing $1 billion stock sales program. That brings the total potential stock offering to $6 billion. The offering will be handled by sales agent A.G.P./Alliance Global Partners.
So far, Sharplink has already sold $720.8 million worth of stock under the earlier plan. The company now aims to use most of the new proceeds to buy Ethereum, which is the second-largest cryptocurrency after Bitcoin and the native token of the Ethereum blockchain.
ETH as the Primary Treasury Asset
Sharplink officially began using Ethereum as its main treasury reserve in May 2025. The company explained that this decision helps diversify its financial reserves, improve capital efficiency, and support its growth into new financial technologies.
According to the latest SEC filing, as of July 13, Sharplink held 280,706 ETH. Notably, 99.7% of that ETH is currently being staked to earn rewards. Staking allows Ethereum holders to lock up their coins to help maintain the blockchain’s network and earn passive income in return.
This level of ETH commitment shows how serious Sharplink is about making cryptocurrency a core part of its business model.
Sharplink’s Broader Strategy
Sharplink is listed on Nasdaq under the ticker symbol “SBET”. On July 16, the company’s shares closed at $37.38. It specializes in performance-based marketing services for sportsbooks and casinos. But now, the company is also entering the crypto gaming space, including investments in platforms like Cryptocasino.com.
The SEC filing also included an update to the company’s agreement with A.G.P., allowing for forward sales of its stock. This gives Sharplink more flexibility in how it sells shares to investors in the future.
Sales will happen “at the market” using Nasdaq or other U.S. trading venues. The commission earned by A.G.P. will vary between 2.0% and 4.0%, depending on how many shares are sold and how the transactions are handled.
Revenue Challenges and Ethereum Focus
Despite the company’s ambitious crypto plans, its core business has seen some challenges. Sharplink reported a 26.1% decline in year-over-year revenue from its affiliate marketing services in 2024. This revenue drop may be another reason the company is seeking new opportunities in crypto and blockchain-related ventures.
The SEC filing also notes that not all proceeds from the stock sale will go directly into Ethereum. A portion of the funds may be used for working capital, general corporate expenses, and to support Sharplink’s main business operations.
Why This Matters
Sharplink’s decision to bet big on Ethereum is part of a growing trend where companies are treating crypto as more than just an investment. Instead, ETH is being used as a core treasury asset, similar to how some firms have adopted Bitcoin in the past.
By staking nearly all of its ETH holdings, Sharplink is also generating passive income while supporting the Ethereum network. This move may appeal to crypto investors who see Ethereum as a long-term asset with real-world utility, especially in areas like DeFi, NFTs, and gaming.
With a total stock offering of $6 billion and a focused ETH strategy, Sharplink is signaling its intent to become a major player in the crypto-financial space.
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