SharpLink increased its sales agreement from $1B to $6B to fund further Ethereum acquisitions and staking activities.
The company now holds over 280,000 ETH, surpassing the Ethereum Foundation after recent OTC and market purchases.
SharpLink earned 415 ETH in staking rewards and retains $257M for future ETH buys and operational expenses.
SharpLink Gaming has amended its sales agreement with A.G.P./Alliance Global Partners to increase its at-the-market equity offering from $1 billion to $6 billion. The Nasdaq-listed firm plans to allocate most of the newly raised funds toward acquiring Ethereum. This marks a substantial expansion of its ongoing crypto treasury strategy focused on ETH accumulation and staking. The updated agreement was filed on July 17 and reflects the company’s aim to use capital markets to strengthen its position as the largest corporate Ethereum holder.
Ethereum Purchases and Staking Strategy Intensify
SharpLink has already accumulated 280,706 ETH, deploying nearly all of it into staking. Since pivoting to this strategy in June, the company has earned 415 ETH in staking rewards. At current prices, this represents about $1.2 million in returns. The firm’s ETH holdings are now valued at approximately $840 million.
The company stated that "substantially all" of the $5 billion increase in the offering will be used to buy additional Ethereum. SharpLink operates validators to support its staking activities, generating returns through Ethereum’s proof-of-stake model. Between July 7 and July 11, SharpLink raised $413 million by issuing over 24 million shares.
During that period, a press release confirms that the company purchased 74,656 ETH at an average price of $2,852 per token, bringing its total ETH holdings above those of the Ethereum Foundation. The Ethereum Foundation, which previously held a larger share, recently sold 10,000 ETH to SharpLink in an over-the-counter deal. Blockchain analytics firm Arkham Intelligence reports that the foundation now holds about $665 million in ETH.
Remaining Capital Reserved for Future ETH Acquisitions
As of July 11, SharpLink still had around $257 million in cash reserves from the recent funding round. The company intends to use the remaining funds to continue building its Ethereum position. It also plans to allocate some proceeds for operating costs, general working capital, and affiliate marketing functions. These measures form part of its broader financial planning structure tied to ETH accumulation.
Joseph Lubin, Ethereum co-founder and CEO of Consensys, recently joined SharpLink as its chairman. This development comes amid the company’s ongoing efforts to align its treasury operations with Ethereum’s long-term value. Shares of SBET have surged nearly sixfold since the company began acquiring Ethereum. On July 16, shares gained 5% while ETH traded slightly below $3,000.
