TLDR
- SharpLink Gaming increased its share offering from $1 billion to $6 billion to buy more Ethereum
- The company now holds over 280,000 ETH and has purchased $515 million worth in nine days
- SharpLink became the largest corporate ETH holder, surpassing the Ethereum Foundation
- The company could own nearly 1.38% of ETH’s circulating supply with the full $6 billion
- SharpLink’s stock is up 350% year-to-date but down 54% from its May peak
SharpLink Gaming has expanded its equity offering to $6 billion, up from the original $1 billion announced in May. The company filed a prospectus supplement with the SEC on Thursday outlining its plans to use the proceeds primarily for Ethereum purchases.
The Joseph Lubin-backed firm stated it will contribute substantially all cash proceeds to acquire Ether. The company also plans to use some funds for working capital, corporate purposes, and affiliate marketing operations.
If SharpLink uses the full $6 billion to purchase ETH at current prices, it would hold nearly 1.38% of Ethereum’s circulating supply. This represents a massive concentration of the cryptocurrency in corporate hands.
Corporate ETH Holdings Surge
SharpLink recently became the largest corporate holder of Ethereum, overtaking the Ethereum Foundation. As of Tuesday, the company held more than 280,000 ETH in its treasury, with approximately 99.7% of the holdings being staked.
The firm has generated 415 ETH worth $1.49 million in staking rewards between June 2 and July 15. This demonstrates the company’s long-term approach to holding rather than trading its cryptocurrency assets.
On Wednesday, SharpLink added another 20,279 ETH to its balance sheet worth roughly $68 million. The purchases came in two batches, with 9,425 ETH acquired in the morning and 10,854 ETH from Coinbase later that day.
SharpLink(@SharpLinkGaming) bought another 32,892 $ETH($115M) in the past 3 hours.
In the past 9 days, they’ve accumulated 144,501 $ETH($515M).https://t.co/LGh4xzpCWk pic.twitter.com/q29czF8qKz
— Lookonchain (@lookonchain) July 18, 2025
The company has purchased $515 million worth of ETH in the past nine days alone. This buying spree has contributed to upward pressure on Ethereum’s price, which has risen over 16% in the last five days.
Market Performance and Competition
SharpLink’s stock ended Thursday at $36.40, down 2.62% for the day. After-hours trading saw further declines of 4.95% to $34.60, though the stock remains up 350% year-to-date.
The company is down 54% from its May 29 high of $79.21. SharpLink’s March quarter revenue declined 24% year-on-year, while net profit margin decreased by 110%.
Other companies are following similar strategies. GameSquare Holdings priced 46,666,667 new shares at $1.50 each to raise $70 million for Ethereum purchases. Bitmine announced a $250 million private placement for its own ETH treasury strategy.
Spot Ethereum ETFs reached record holdings on Thursday after attracting $726 million in net inflows. BlackRock and Grayscale now manage a combined 4.95 million ETH through their exchange-traded funds.
July has become the best month for Ethereum ETFs with net inflows hitting $2.27 billion. BlackRock’s ETHA fund led Wednesday’s gains with $499 million in new money, according to SoSoValue.
Ethereum traded at $3,424 as of Thursday morning, up more than 8% in a single day. The cryptocurrency broke through $3,400 on strong institutional demand and continued corporate adoption.
