SharpLink Gaming Raises $6B for ETH Acquisition
SharpLink Gaming has filed a prospectus supplement with the US SEC to expand its common stock offering from $1 billion to $6 billion. The company plans to deploy most proceeds to purchase Ether, boosting its treasury to over 280,000 ETH—including an extra 32,892 ETH after the filing—with 99.7% staked. SharpLink Gaming bought $515 million worth of ETH in nine days and has earned 415 ETH in staking rewards since June. Its aggressive ETH accumulation could secure up to 1.38% of Ethereum’s circulating supply. Despite ETH purchases, SharpLink’s stock (SBET) slipped following Q1 results, showing a 24% revenue decline and 110% net profit margin drop; Q2 results are due August 13. Traders should watch SharpLink Gaming’s ETH purchases and staking strategy, which could support Ethereum’s price and signal institutional confidence.
Bullish
SharpLink Gaming’s large-scale Ether purchases and increased staking signals strong institutional demand, likely providing immediate support for ETH price by reducing circulating supply. In the short term, ongoing acquisitions could create buying pressure and boost market sentiment. Over the long term, securing up to 1.38% of supply and earning staking rewards underlines a robust treasury model, reinforcing confidence in Ethereum’s fundamentals and potentially attracting further institutional investment. This accumulation strategy suggests a bullish outlook for ETH.