SharpLink Gaming Eyes Major Ethereum Move
US-based sports betting platform SharpLink Gaming has revealed plans to purchase up to $1 billion worth of Ether (ETH), the native cryptocurrency of the Ethereum blockchain. The bold move follows the company’s recent filing with the Securities and Exchange Commission (SEC) on May 30, where it outlined its intention to offer up to $1 billion in common stock.
According to the filing, SharpLink intends to use “substantially all of the proceeds from this offering to acquire Ether.” The investment forms a key part of the company’s new Ethereum-based corporate treasury strategy, announced just days earlier on May 27.
ETH Investment to Support Treasury Strategy and Operations
While the bulk of the capital raised is earmarked for purchasing ETH, SharpLink noted that a portion would also go towards “working capital needs, general corporate purposes, operating expenses, and core affiliate marketing operations.” This indicates the firm’s commitment to bolstering both its crypto holdings and its operational capacity.
Ether is up 39.47% over the past 30 days. Source: CoinMarketCap
The decision aligns with a growing trend among companies seeking to diversify their treasuries with digital assets. By choosing Ethereum, SharpLink positions itself alongside a broader movement of institutional interest in the second-largest cryptocurrency by market capitalisation.
Lubin Joins as Chairman, Stock Soars 400%
Adding further weight to its Ethereum-focused shift, SharpLink has appointed Ethereum co-founder Joseph Lubin as chairman of its board of directors. The announcement appears to have had an immediate impact on investor sentiment. On the day of the May 27 announcement, SharpLink Gaming’s stock skyrocketed by 400%.
Lubin, who is also the founder of blockchain software company ConsenSys, brings deep industry knowledge and credibility to SharpLink’s boardroom. His involvement may bolster the company’s long-term Ethereum strategy and attract further interest from the crypto community.
Risks and Regulatory Concerns Acknowledged
In its SEC filing, SharpLink acknowledged several risks associated with its planned ETH acquisition. Among them is the uncertainty around future regulatory developments, particularly the potential for Ether to be classified as a security. If such a designation occurs, the company would be subject to additional compliance and regulatory scrutiny.
SharpLink also pointed to the possible introduction of central bank digital currencies (CBDCs) as a threat to the utility and demand for private-sector cryptocurrencies. The company warned that widespread adoption of CBDCs could “eliminate or reduce the need or demand” for assets like Ether.
Ethereum’s ‘Michael Saylor’ Moment?
SharpLink’s aggressive ETH investment strategy has drawn comparisons to Bitcoin evangelist Michael Saylor, who famously led his firm MicroStrategy in amassing a massive Bitcoin treasury. Saylor’s company currently holds over 580,000 Bitcoin, valued at more than $60 billion, according to Saylor Tracker.
Ether is up 39.47% over the past 30 days. Source: CoinMarketCap
Crypto enthusiasts were quick to respond to SharpLink’s announcement. On social media platform X, crypto analyst 0xBoboShanti declared, “Ethereum finally has its own Saylor.” Ethereum educator Anthony Sassano also chimed in, stating, “You are not bullish enough,” reflecting the excitement within the Ethereum community.
ETF Developments Fuel Further Optimism
The Ethereum momentum is further bolstered by regulatory developments in the US. A new filing by ETF provider REX Shares has sparked speculation that Ethereum and Solana staking ETFs could be approved within weeks. Analysts suggest that REX Shares has identified “regulatory workarounds” that could pave the way for staking to be included in ETF products—something other providers have previously struggled to achieve.
These broader market movements, alongside SharpLink’s bold strategy, suggest that Ethereum is entering a new phase of institutional adoption and investor confidence.
At the time of writing, Ether is trading at $2,516, down 4.51% over the past 24 hours, according to CoinMarketCap data.
