Sharplink Gaming, one of the well-known players in the sports betting sector, has taken a significant step. On May 30, the group submitted a $1 billion shelf offering with the U.S. SEC The capital will largely be used to buy Ethereum. It reflects a distinct change of direction in Sharplink's funding strategy.

Source: SEC

Instead of keeping cash in the bank, Sharplink now wants to hold value in crypto. This comes just days after the company raised $425 million through private investment in public equity for Ethereum treasury strategy. With the new plan, they’re getting ready to buy even more.

Sharplink’s filing allows them to sell new shares at any time and use the funds to support this new direction. The shares will be sold with the help of Alliance Global Partners, and the money will majorly go towards buying Ethereum while also covering company expenses and marketing.

Betting on the Future of Gaming

The company is also expanding into blockchain gaming. Earlier this year, they invested in CryptoCasino.com, a gaming site that uses digital tokens for faster and more private play. It works with digital wallets like MetaMask and supports top tokens for payments.

Sharplink believes that digital coins will better serve its business in the long run. By holding crypto instead of cash, they aim to keep up with recent technological advancements in the gaming world. They think this will help them stay ahead in the growing world of online betting.

Price Drops, But Hope Remains

The announcement comes during a downward trend for ETH in the crypto market. It fell by nearly 3.43% in the last 24 hours, trading around $2,525. It had reached a high of $2,649 earlier but couldn’t hold it. Many traders are watching the $2,500 mark to see if prices drop more or start to recover. Looking at the monthly chart of Ethereum it has experienced an increase of 39.08% as per the CoinMarketCap.

Source: CoinMarketCap  

Even with the dip, Ethereum remains popular. It has kept a perfect score with online communities over the past three months, showing strong support.

Big Leadership News and Stock Jump

Looking at the broader vision of the company, Sharplink brought Joseph Lubin, as the new chairman of the board, a renowned personality in the crypto industry. Right after this announcement, the company’s stock price jumped by 200% on May 27 as per Google Finance. Investors seem to like this bold plan.  

Is This the Start of a New Trend?

Sharplink’s move is not the only one making headlines. ETF provider REX Shares recently filed plans for new investment funds that include staking rewards. These new products could become available soon if approved, giving investors more ways to earn from digital assets.

While some tech giants are still unsure, like Meta, which voted against holding Bitcoin, Sharplink is pushing forward. Their actions may lead other gaming and tech companies to think about using digital assets instead of cash.  



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