U.S.-based sports betting platform SharpLink Gaming is making waves in the crypto space after filing with the Securities and Exchange Commission (SEC) to offer up to $1 billion in common stock — with the intent to deploy most of the proceeds into Ethereum (ETH).
According to the May 30 filing, SharpLink will allocate the majority of funds raised to build out a sizable Ether treasury as part of a newly announced Ethereum-based corporate reserve strategy. Additional funds will be used for working capital, corporate expenses, and affiliate marketing.
The bold move, reminiscent of Michael Saylor’s Bitcoin accumulation strategy via MicroStrategy, has sparked excitement among Ethereum advocates. Some have dubbed SharpLink the “Ethereum version of Saylor.” Analyst 0xBoboShanti declared on X, “Ethereum finally has its own Saylor,” while Ethereum educator Anthony Sassano added, “You are not bullish enough.”
Following SharpLink’s May 27 announcement, shares of the company surged more than 400% in a single trading session. The firm also appointed Ethereum co-founder Joseph Lubin as chairman of the board, adding further weight to its long-term ETH vision.
Still, the SEC filing highlights potential risks: regulatory uncertainty, including whether ETH could be classified as a security, and competition from future central bank digital currencies (CBDCs) that could diminish demand for decentralized assets.
At the time of writing, ETH is trading at $2,516 — down 4.5% on the day but up nearly 40% over the past month, according to CoinMarketCap.
The move comes amid broader Ethereum momentum, with ETF provider REX Shares recently filing for staking-enabled $ETH and $SOL ETFs, signaling renewed institutional interest in the smart contract platform.
As the crypto landscape continues to evolve, SharpLink’s billion-dollar Ether play could mark a turning point for corporate treasury diversification — this time, on Ethereum.
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