• SharpLink Gaming files for $1 billion share sale to buy Ethereum.

  • Funds will expand the company’s Ethereum-based corporate treasury.

  • SEC filing highlights risks like regulatory changes for ETH.

  • SharpLink previously raised $425 million for its ETH strategy.

  • Joseph Lubin, Ethereum co-founder, is SharpLink’s new board chairman.

SharpLink Gaming has filed with the SEC to raise $1 billion through a share sale. The company intends to use the funds primarily to purchase Ethereum (ETH) for its corporate treasury. The filing was submitted on May 30, 2025, signaling a major shift toward digital assets.

The sports betting platform aims to sell up to 72 million shares of common stock. At the current market price of $79.21 per share, the sale could generate close to $1 billion in gross proceeds. SharpLink stated in the filing that the majority of the funds will be allocated to acquire ETH, the native cryptocurrency of the Ethereum blockchain.

The company also plans to use a portion of the proceeds for operational expenses. This includes working capital, general corporate purposes, and affiliate marketing operations. The share sale will be conducted through an "at-the-market" structure, allowing SharpLink to issue shares periodically via a sales agent.

SharpLink Bolsters Ethereum Treasury Strategy

SharpLink’s move follows its earlier announcement on May 27, 2025, of a $425 million private placement. The funds from that round were also directed toward building an Ethereum-based treasury. In that deal, the company sold 69.1 million shares at $6.15 each to investors, including Consensys, a blockchain technology firm.

Consensys CEO Joseph Lubin, who co-founded Ethereum, joined SharpLink as chairman of the board after the private placement. The initial funding round saw participation from notable crypto investors like Galaxy Digital and Pantera Capital. SharpLink’s stock surged over 400% following the May 27 announcement, reflecting strong market interest.

The company’s latest SEC filing builds on this strategy. SharpLink aims to position Ethereum as its primary treasury asset, moving away from traditional cash reserves. The firm has partnered with Alliance Global Partners to manage the $1 billion share sale, ensuring flexibility in responding to market conditions.

Risks Highlighted in SEC Filing

SharpLink’s filing outlined several risks tied to its Ethereum investment. The company noted that central bank digital currencies could reduce demand for private cryptocurrencies like ETH. Additionally, if Ether were classified as a security, SharpLink would face stricter regulations, impacting its strategy.

Despite these risks, SharpLink remains committed to its blockchain focus. The company has already invested in CryptoCasino.com, a blockchain-based gaming platform by Armchair Enterprises. CryptoCasino.com accepts Ethereum and other cryptocurrencies, aligning with SharpLink’s broader digital asset strategy.

Ethereum’s price has faced volatility recently. On May 31, 2025, ETH traded at $2,529.82, down 3.89% in 24 hours, according to CoinMarketCap data. However, the cryptocurrency has gained 39.47% over the past 30 days, showing resilience amid market fluctuations.

SharpLink’s aggressive Ethereum acquisition mirrors strategies of other firms diversifying into crypto. For instance, MicroStrategy has amassed over 580,000 Bitcoin, valued at $60.22 billion, as a corporate reserve asset. SharpLink’s focus on ETH could set a precedent for other gaming companies exploring digital assets.

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