SharpLink Gaming (SBET), a company headquartered in Minnesota, USA, is currently the largest corporate holder of Ethereum (ETH) globally. The company has raised the total value of its publicly tradable stock to $6 billion, according to a supplemental filing submitted to the U.S. Securities and Exchange Commission (SEC) on July 17.

This move is aimed at raising more funds to continue its large-scale purchasing strategy of ETH. Prior to this, SharpLink had only filed to issue up to $1 billion in stocks on May 30. However, in the supplemental filing on July 17, this figure was increased to $6 billion, including the previously approved $1 billion and an additional $5 billion.

The company stated that it has sold approximately $721 million in stocks under its previous prospectus and can still issue an additional $279 million under that framework, along with reissuing $5 billion according to the new supplemental prospectus.

As of July 16, SharpLink holds over 321,000 ETH, valued at approximately $1.1 billion, making it the company with the largest Ethereum holdings globally. The company began its significant shift towards an ETH accumulation strategy after completing a $425 million private fundraising led by Consensys in early June this year. Notably, Consensys CEO and Ethereum co-founder Joseph Lubin has also joined SharpLink as the chairman of the board.

Comparison with Bitcoin: Market Cap Leverage Effect

Despite the new investment of up to $6 billion, it's important to note that Ethereum's current market cap is only about one-fifth that of Bitcoin. This means that injecting $5 billion in purchasing power into ETH is equivalent to injecting $30 billion into BTC, in terms of market cap ratio and price momentum.

Specifically, ETH's current market cap is about $420 billion, while Bitcoin exceeds $230 billion, so every dollar invested in ETH will have a 5-fold market leverage effect compared to BTC. This also explains why more and more institutional investors are beginning to refocus on Ethereum.