SharpLink Gaming (SBET), a Minnesota-based company and currently the largest corporate holder of Ethereum in the world, has increased the total value of stock it is allowed to sell 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 additional capital to continue its large-scale ETH acquisition strategy. Previously, on May 30, SharpLink had only requested authorization to issue a maximum of $1 billion in stock. However, the July 17 supplement raised this number to $6 billion, including the previously approved $1 billion and an additional $5 billion.

The company stated it has already sold about $721 million worth of stock under the prior prospectus and still has room to issue another $279 million within that framework, plus the additional $5 billion under the new supplement.

SharpLink currently holds more than 321,000 ETH, valued at around $1.1 billion as of July 16. It is now the largest corporate Ethereum holder globally. The company began its ETH accumulation strategy after securing a $425 million private placement led by Consensys in early June. Notably, Consensys CEO and Ethereum co-founder Joseph Lubin has joined SharpLink as Chairman of the Board.

Comparison with Bitcoin: Market cap leverage

Although the new investment reaches $6 billion, it’s important to note that Ethereum’s market cap is currently only about 1/5 the size of Bitcoin’s. This means that a $5 billion purchase of ETH could have a similar market impact as a $30 billion injection into BTC, when considering market cap ratios and price pressure dynamics.

Specifically, with ETH's current market cap at around $420 billion and BTC’s exceeding $2.3 trillion, every $1 invested in ETH could have five times the leverage effect compared to BTC. This explains why institutional investors are increasingly turning their attention to Ethereum in the current cycle.

https://www.sec.gov/Archives/edgar/data/1981535/000164117225020052/form424b5.htm