SharpLink Gaming Launches Massive $1B Ethereum Acquisition Plan

• SharpLink has filed with the SEC to offer up to $1 billion in common stock to increase its holdings in its new Ethereum treasury.
• As part of its fundraising efforts, SharpLink has brought in Joseph Lubin, one of the co-founders of ETH, to the board of directors.

For years, the cryptocurrency headlines have been dominated by familiar names: MicroStrategy scoops up more Bitcoin, Metaplanet dives into BTC, or GameStop surprises with a $513 million Bitcoin buy. Bitcoin has long been the darling of the corporate treasuries.

But the tide is starting to shift. Now, Ethereum (ETH), the second-largest digital asset with a market cap of roughly $304 billion, is stepping into the spotlight. And one company is making a high-stakes bet on it.

SharpLink Gaming (Nasdaq: SBET), a U.S.-based sports betting and iGaming tech firm, just announced a $425 million private equity investment to build a substantial Ethereum treasury. The deal involves offering 69.1 million shares at $6.15 each in a private investment in public equity (PIPE) round. That was on May 27.

Then, in a follow-up move on May 30, SharpLink filed with the SEC to raise up to $1 billion through a common stock offering, all part of a strategy to supercharge its ETH holdings and reposition itself in the digital finance space.

Once a company with a market cap of just $2 million and teetering on the edge of delisting from Nasdaq, SharpLink’s pivot has been nothing short of smart. Its share price hovered around $2 just weeks ago, far below Nasdaq’s minimum listing requirement, but now it’s among the public companies embracing Ethereum as a treasury asset.

Backing this transition are some of the names in crypto investment, including Pantera Capital, Electric Capital, ParaFi, Galaxy Digital, and Arrington Capital, among others. And perhaps the most symbolic move: Joseph Lubin, CEO of Consensys and one of Ethereum’s original co-founders, is joining SharpLink as Chairman of the Board once the deal closes. Consensys, one of the leading companies in Ethereum development, will serve as a strategic advisor and help Sharplink plug into blockchain technology.

“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and to work with them in their core business as a strategic advisor,” said Lubin.

This is an exciting time for the Ethereum community, and I am delighted to work with Rob and the team to bring the Ethereum opportunity to public markets.

Ethereum Adoption

SharpLink’s shift reflects a trend among corporations moving toward digital asset treasury strategies. In March, Crypto News Flash reported that BioNexus Gene Lab (BGLC), a biotech company, began holding ETH in its reserves. Around the same time, BTCS, a blockchain infrastructure firm listed on Nasdaq, bought $8.42 million in ETH, bringing its total holdings to 12,500 ETH. This is about companies viewing ETH as a strategic foundation for future growth, staking, and blockchain integration.

Why Ethereum? For many investors, buying shares in a company that holds crypto is a much easier and more familiar path than managing wallets and private keys. That’s why crypto treasury companies often trade at a premium; they’re a proxy for crypto exposure with the convenience of a stock ticker.

As of now, Ethereum is trading at $2,516, down about 3.49% over the past 24 hours, and down by 0.82% over the past week.