SharpLink Gaming Is Raising $1 Billion To Buy More Ethereum For Its Massive Treasury Bet

SharpLink Gaming has filed with the US Securities and Exchange Commission (SEC) to sell shares of its common stock worth a staggering $1 billion in a bid to boost the holdings of its newly launched Ethereum treasury.

The Minneapolis-based sports marketing company is joining others attempting to mirror the Bitcoin strategy pioneered by Michael Saylor’s Strategy (formerly known as MicroStrategy).

SharpLink Is Amassing Ether As A Treasury Reserve Asset

In a May 30 filing, SharpLink Gaming said it plans to sell up to $1 billion in shares of common stock to purchase more ether for its treasury.

“We intend to use substantially all of the proceeds from this offering to acquire Ether, the native cryptocurrency of the Ethereum blockchain commonly referred to as ‘ETH,’” the filing reads.

SharpLink also aims to use some proceeds from this offering for working capital, general operating expenses, and affiliate marketing operations. The capital raise follows the company’s May 27 announcement that it would be creating an Ether-based corporate treasury strategy. SharpLink Gaming nominated Ethereum co-founder Joseph Lupin as chairman of its board of directors. 

The MicroStrategy Of Ethereum

SharpLink joins a growing roster of microcap companies trying to mimic the success of Strategy, the first publicly traded company to adopt a Bitcoin (BTC) treasury strategy, leading to an over 2,400% growth of its share price since it started buying the leading cryptocurrency in 2020.

Before spot Bitcoin ETFs became a multi-billion-dollar hit on Wall Street, MicroStrategy (now known as simply Strategy) embarked on a quest to become one of the asset’s largest corporate holders. The Michael Saylor-led company currently owns 580,250 Bitcoin, valued at $60.7 billion, as the price of BTC now hovers around $114,400. This is equivalent to 3% of Bitcoin’s total supply.

Crypto analyst 0xBoboShanti quipped in an X post, “Ethereum finally has its own Saylor.” Meanwhile, Ethereum educator Anthony Sassano posited, “You are not bullish enough.”

Ether is trading at $2,541 at press time, down 2.3% on the day, according to CoinGecko data.