Sharplink Gaming is making headlines with a massive move. The U.S.-based sports betting platform plans to raise up to $1 billion in a stock offering. But instead of chasing Bitcoin like others, Sharplink is going all-in on Ethereum (ETH). This strategy has drawn comparisons to Michael Saylor, the man behind Bitcoin-heavy firm Strategy. In fact, the crypto community is now calling Sharplink “Ethereum’s own Saylor.”
Ethereum Treasury: Sharplink’s New Financial Playbook
Sharplink isn’t just dabbling in crypto. It’s launching a full Ethereum treasury strategy. According to SEC filings, the company plans to use most of the stock sale proceeds to buy ETH. The move echoes Strategy’s Bitcoin-first approach but with an ETH twist.
The stock sale will follow an “at-the-market” structure. This gives Sharplink flexibility to sell shares based on market conditions. Aside from purchasing Ethereum, the funds will support general business purposes. These include working capital, operating expenses, and boosting its affiliate marketing operations. Still, ETH will take center stage in this ambitious plan.
Ethereum Spurs a Stock Surge—and Some Volatility
News of Sharplink’s Ethereum-focused shift sparked investor excitement. On May 27, the company’s stock skyrocketed by over 400%, peaking at $52 before closing at $35.80. The rally was fueled by the initial $425 million raised through a private equity deal. That funding round featured top names like Consensys, Galaxy Digital, and Pantera Capital.
Yet, volatility followed. After Sharplink announced plans for a $1 billion stock offering, its share price dropped by 8%. The market reacted to dilution concerns, but the company stayed firm on its Ethereum vision. With strong investor backing and a clear strategy, Sharplink seems ready for the long game.
Ethereum Co-Founder Joins Sharplink’s Boardroom
To reinforce its commitment to ETH, Sharplink nominated Joseph Lubin—Ethereum co-founder and Consensys CEO—as board chairman. His presence sends a strong message to both the crypto and corporate worlds. Sharplink isn’t treating Ethereum as a side bet. It’s putting it at the heart of its financial strategy.
CEO Rob Phythian called the recent moves a “significant milestone” for the company. The shift shows how traditional firms can evolve beyond their core industries through digital assets. Lubin’s leadership could also help Sharplink align with Ethereum’s long-term development goals. For ETH holders, this partnership is a major confidence boost.
Ethereum vs. Bitcoin: A New Era of Treasury Strategies
Sharplink’s move highlights an important trend: corporate treasury strategies are expanding beyond Bitcoin. Until now, Strategy and Michael Saylor have dominated the narrative. But Sharplink is proving that Ethereum has just as much potential in the treasury playbook.
Ethereum offers smart contract functionality, staking rewards, and a growing DeFi ecosystem. These advantages make it more than just digital gold. With major upgrades like Pectra on the horizon and the rise of ETH-based ETFs, the case for Ethereum in corporate portfolios is getting stronger. Sharplink’s bold bet may be the start of a wider shift.
In a space where Bitcoin has long been king, Ethereum now has its own corporate champion. Sharplink’s $1 billion stock offering could reshape how public companies view ETH—and open the door to a new wave of institutional interest.
