According to (CoinDesk) reports, SharpLink Gaming, the publicly traded company holding the most Ethereum (ETH) globally, is raising its stock sale target from $1 billion to $6 billion, further advancing its strategy of acquiring Ethereum as a financial reserve for the company.
According to additional terms disclosed in a prospectus filed Thursday with the U.S. Securities and Exchange Commission (SEC), SharpLink plans to increase the size of its available common stock for sale by $5 billion, which is an additional amount on top of the $1 billion submitted on May 30.
The document stated: 'We are raising the total amount of common stock available for sale under the sales agreement to $6 billion.' Currently, SharpLink has already sold shares worth $721 million according to the original plan.
SharpLink added that, in addition to the newly added $5 billion issuance limit, it may also sell the remaining $279 million shares from previous authorizations.
This fundraising plan is part of SharpLink's active layout of its Ethereum strategy. According to data tracked by on-chain analysts, the company's Ethereum holdings may have exceeded 350,000 ETH, worth about $1.28 billion. (Note: The official announcement disclosed holdings of 280,706 ETH.)
SharpLink was originally an online gambling marketing company. In May of this year, it announced plans to promote an Ethereum financial strategy and raised $425 million through a private equity financing led by Consensys, the developer of the well-known crypto wallet MetaMask, to establish an Ethereum reserve. Joseph Lubin, co-founder of Ethereum and CEO of Consensys, has also been appointed as chairman of SharpLink.
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