Coin WorldSaturday, Jul 19, 2025 11:14 am ET
1min read
SharpLink Gaming, a gambling marketing company, saw its shares plummet by more than 20% on Friday. This significant drop came just a day after the company submitted a regulatory filing to increase its stock sales target from $1 billion to $6 billion. This move is part of the company’s ongoing strategy to bolster its Ethereum treasury.
The company’s stock has shown a positive reaction to previous announcements related to its strategic shift towards becoming the world’s largest corporate accumulator of ETH. On Monday, SharpLink purchased $48 million worth of ETH, followed by a $225 million purchase on Tuesday. These acquisitions have contributed to a more than 330% spike in the company’s stock since late May, when it initially pivoted its focus from affiliate marketing to Ethereum buying through a $425 million private placement.
With Thursday’s purchases of more than $115 million in ETH, the firm now holds approximately $1.3 billion worth of the asset. In a supplement to a prospectus filed with the U.S. Securities and Exchange Commission on May 30, the company announced its intention to increase the total amount of common stock that may be sold under the sales agreement to $6 billion. This includes up to $1 billion under the prior prospectus and an additional $5 billion under the new supplement.
Ethereum, the second-largest cryptocurrency by market value, has seen a rise of more than 41% over the past 14 days. This increase is attributed to a number of companies with ETH treasuries adding to their holdings and growing optimism about the underlying Ethereum network’s usefulness. Despite a 2% dip over the past 24 hours, Ethereum was recently trading at about $3,550.
Other companies have also made significant moves in the Ethereum market. Bit Digital, which previously focused on Bitcoin mining, announced the purchase of approximately 19,683 ETH on Friday. The company now holds about 120,306 Ethereum worth nearly $70 million. BitMine Immersion, backed by Peter Thiel, surpassed $1 billion in Ethereum after adding $500 million in ETH to its holdings. The firm aims to control 5% of all Ethereum held or staked and debuted its strategy earlier this month.
These companies have followed a model pioneered by Strategy, formerly MicroStrategy, which shifted from software development to Bitcoin purchasing in 2020. Strategy now holds more than 601,500 Bitcoin worth over $71 billion based on BTC’s current price. This shift has been driven by a desire to accumulate significant holdings in cryptocurrencies, which has led to increased market activity and speculation.
