iGaming Giant SharpLink to Raise $1B to Buy More Ethereum for Treasury

SharpLink has gone full MicroStrategy but for Ethereum after filing an intent form with the US SEC to raise $1 billion to buy the altcoin king. The sports betting platform, on May 30, filed an S-3 ASR form with the US Securities and Exchange Commission, officially declaring its intent to issue securities worth a staggering $1 billion. SharpLink disclosed that the purpose of the fundraiser is to purchase more Ethereum for its reserve.A Saylor Strategy, but for Ethereum Notably, Bitcoin is slowly becoming a part of the balance sheet of a growing number of institutions globally, thanks to Michael Saylor’s successful Bitcoin strategy, applied at MicroStrategy . Meanwhile, SharpLink appears to be copying the playbook, as most have, but for the altcoin leader, Ethereum. Initially, on May 27, the iGaming firm announced it has created an Ethereum-based treasury, nominating Joseph Lubin as chairman of its board of directors. For the uninitiated, Lubin is an Ethereum co-founder and the CEO of Consensys, an Ethereum-focused software production studio.The announcement followed a $425 million securities purchase agreement, under which it offered its common stock at $6.15 per share to investors. Consensys led the funding round, with other notable investors including Pantera Capital, Digital Galaxy, and Ondo.Three days later, SharpLink plans to raise another $1 billion to fund its Ethereum treasury. Friday’s S-3 ASR filing with the US SEC indicates that the firm intends to raise the cash by offering its common stock to qualified investors at $79.21 per share.The Nasdaq-listed public firm would use proceeds from the offering largely to buy Ethereum. Meanwhile, the leftover funds will cover other expenses, such as general operating costs.“Lubin Pulls a MicroStrategy for ETH”Meanwhile, the announcement has sparked positive sentiments within the Ethereum community, as optimism of a bullish momentum intensifies. Among others, market enthusiasts also expressed excitement that Ethereum may have found its own Saylor and Strategy.Eric Conner, an Ethereum and AI enthusiast, stated that Lubin “just pulled a MicroStrategy for ETH.” He expressed confidence that the deal would spell more demand for Ethereum, noting that the Saylor playbook now runs on Ethereum. https://twitter.com/econoar/status/1927380671334404511Other reactions also followed the thought pattern, with another user, OxBoboShanti, mentioning that Ethereum finally has its own Saylor.Remarkably, corporate firms are beginning to look beyond Bitcoin and have increasingly allocated to altcoins too. BTCS announced it would purchase $57.8 million worth of Ethereum earlier this month, while Nasdaq-listed Digital Commodity Capital Corporation revealed that it holds 103,000 XRP in its treasury.SharpLink’s Stock SoarsInterestingly, SharpLink offered its stocks on May 27 at $6.15; three days later, it is now offering them at $79.21. This is a testament to the stock’s price explosion following its announcement of a strategic Ethereum reserve.Its stock, under the ticker SBET, has surged 1,822% in the past five days, rallying from $3.99 to $76.70 at the time of writing. The uptick brings its monthly gains to 2,224% and year-to-date to 892%.

Source: The Crypto Basic