SharpLink Gaming (SBET), a publicly listed company in the US, has recently gained fame for its heavy bets on Ethereum. It has now thrown another shockwave into the market by planning to raise the originally planned total stock issuance amount from $1 billion to $6 billion, adding an additional $5 billion in fundraising to fully invest in Ethereum.
According to a supplemental document submitted to the U.S. Securities and Exchange Commission (SEC) on Thursday, SharpLink Gaming initially launched its issuance plan on May 30, with a limit of $1 billion. It has currently sold approximately $721 million worth of stock, with about $279 million remaining to be issued. The latest document adds an extra $5 billion in issuance space, which will be used to purchase more Ethereum.
SharpLink was originally an affiliate marketing and iGaming (interactive gambling) technology company based in Minnesota, USA. Following the completion of a $425 million private placement led by Consensys at the end of May this year, the company's strategic focus has shifted significantly towards crypto assets, with a full commitment to investing in Ethereum.
Consensys is a well-known Ethereum infrastructure developer, founded by Joseph Lubin, who is also a co-founder of Ethereum and has now taken over as the chairman of the SharpLink board.
As of July 16, SharpLink holds over 280,000 Ethereum (worth about $1 billion), surpassing the Ethereum Foundation and becoming the company with the most Ethereum holdings globally.
"An additional $5 billion fundraising quota! SharpLink 'goes all out' to increase its investment in Ethereum" This article was first published on (Blockkey).
