SharpLink Gaming (SBET), based in Minnesota (USA) and currently the largest Ethereum holder in the world, has raised the total value of shares allowed for sale to 6 billion USD, according to a supplemental document submitted to the U.S. Securities and Exchange Commission (SEC) on July 17.
This move aims to raise additional capital to continue the strategy of large-scale ETH purchases. Previously, SharpLink had only requested permission to issue up to 1 billion USD in shares on May 30. However, the supplement on July 17 increased this figure to 6 billion USD, including 1 billion USD already approved and an additional 5 billion USD new.
The company stated that it has sold approximately 721 million USD in shares according to the old prospectus and still has the capacity to issue an additional 279 million USD within this framework, as well as 5 billion USD new according to the update.
SharpLink currently holds over 321,000 ETH, valued at approximately 1.1 billion USD as of July 16. This is the largest Ethereum holder in the world at this time. The company's strategy to accumulate ETH began after a private fundraising round of 425 million USD led by Consensys in early June. Notably, the CEO of Consensys and co-founder of Ethereum, Mr. Joseph Lubin, joined SharpLink as the Chairman of the Board.
Comparison with Bitcoin: Capitalization Leverage
Although the new investment amount reaches 6 billion USD, it should be noted that the current market capitalization of Ethereum is only about 1/5 compared to Bitcoin. This means that the impact of 5 billion USD buying into ETH could be equivalent to pumping 30 billion USD into BTC, when considering the capitalization ratio and the ability to create price pressure.
Specifically, with the current market capitalization of ETH at around 420 billion USD and BTC at over 2.3 trillion USD, each 1 USD invested in ETH will have a leverage effect 5 times greater than that of BTC. This explains why institutional investors are increasingly interested in Ethereum in this new phase.