SharpLink Gaming Ramps Up Ether Purchases, Adds $515M in Nine Days

SharpLink Gaming, backed by Ethereum co-founder Joseph Lubin, has sharply increased its Ether acquisition strategy, adding $515 million worth of ETH to its treasury in just nine days. In a prospectus supplement filed with the US Securities and Exchange Commission on Thursday, the company announced it would increase the amount of common stock it can sell by an additional $5 billion, raising its planned offering from $1 billion, initially filed on May 30, to $6 billion. SharpLink Expands Stock Sale to Boost ETH Treasury SharpLink stated that it plans to use most of the proceeds from this expanded stock offering to acquire Ether while also allocating funds for working capital, operating expenses, and its affiliate marketing operations. If SharpLink deploys the full $6 billion to purchase ETH at current prices, it would control nearly 1.38% of Ethereum’s circulating supply, positioning it as a significant corporate holder in the ecosystem. The company has signaled its intention to hold up to 1 million ETH in its treasury, with a recent update showing it currently holds over 280,000 ETH , of which approximately 99.7% is staked. SharpLink’s aggressive accumulation has already generated 415 ETH, valued at $1.49 million, in staking rewards between June 2 and July 15, highlighting its commitment to integrating Ethereum deeply into its treasury strategy. Market Impact and Stock Performance Following its updated regulatory filing, SharpLink purchased an additional 32,892 ETH, worth around $115 million, according to blockchain analytics firm Lookonchain. The company’s aggressive accumulation has now surpassed the Ethereum Foundation’s total ETH holdings . Despite the positive momentum around its crypto strategy, the company’s stock (SBET) closed Thursday at $36.40, down 2.62%, and fell further to $34.60 in after-hours trading, a decline of 4.95%, according to Google Finance. While SBET has recorded a 350% increase year-to-date, the stock remains 54% below its May 29 high of $79.21. Financially, SharpLink faced challenges in the March quarter, with its revenue declining 24% year-on-year and its net profit margin dropping by 110% during the period. Investors will be closely watching the company’s upcoming quarterly earnings report, scheduled for August 13. The post SharpLink Gaming Ramps Up Ether Purchases, Adds $515M in Nine Days appeared first on TheCoinrise.com .

Source: The Coin Rise