SharpLink Gaming (NASDAQ: $SBET) has announced plans to raise up to $1 billion through a shelf offering to purchase Ethereum (ETH) as part of its new corporate treasury strategy. This move follows a $425 million private placement completed on May 27, 2025, where the company sold 69.1 million shares at $6.15 each, intending to convert the proceeds into ETH.
The strategy mirrors that of MicroStrategy's Michael Saylor, known for significant Bitcoin acquisitions. In line with this, SharpLink has appointed Ethereum co-founder Joseph Lubin as chairman of its board of directors.
Following these announcements, SharpLink's stock (SBET) experienced a substantial surge, with shares increasing over 1,000% in a single day and continuing to rise thereafter.
As of the latest data, Ethereum is trading at approximately $2,520.83, with a daily range between $2,494.41 and $2,641.73.
