The company plans to use nearly all of the $5 billion it raises to purchase Ethereum. Over the past nine days, SharpLink has bought more than $500 million worth of Ethereum. The company’s shares fell by more than 10% following these increased purchases. SharpLink Gaming, a company backed by Ethereum co-founder Joseph Lubin, filed a prospectus supplement with the U.S. Securities and Exchange Commission (SEC). In it, representatives of the firm stated they intend to increase the possible share offering from $1 billion to $6 billion. The company's goal is to scale its investment in Ethereum by making the cryptocurrency the foundation of its treasury strategy. As in its previous filing on May 30, 2025, SharpLink reiterated its intention to use ”substantially all of the proceeds” to acquire Ethereum. The balance of the proceeds will be used for working capital, operating expenses, and marketing development. If the company spent the full amount on July 18, it could control up to 1.38% of Ethereum's current circulating supply. This is in line with SharpLink's ambitions to reach 1 million ETH in crypto reserves. The company now has over 280,000 ETH in its reserves, of which 99.7% is staked. In the past nine days alone, the firm has purchased $515 million worth of ETH, including 32,892 ETH worth $118.8 million on July 17—18,712 coins via Galaxy Digital and another 14,180 ETH via Coinbase Prime. This reinforced SharpLink's position as the largest corporate holder of Ethereum, surpassing the Ethereum Foundation. According to Lookonchain, the company's activity in the market has been steadily increasing. Moreover, between June 2 and July 15, 2025, staking fees alone brought in 415 ETH (about $1.49 million). Galaxy Research analysts see the increased purchases as a positive signal for the Ethereum ecosystem. Despite optimism from experts, SharpLink (SBET) shares reacted to the news by declining. On July 17, the company's securities fell by more than 10% to $34.80, according to TradingView. However, on July 18, they partially recovered and are quoted at $36.16 at the time of writing. The company's securities are up 374% since the start of 2025, but are still down 54% from their May high. SharpLink currently has a market capitalization of $2.37 billion.
