SharpLink Gaming, backed by Ethereum co-founder Joseph Lubin, has sharply increased its Ether acquisition strategy, adding $515 million worth of ETH in just nine days.
Increase in SharpLink Stock Offerings
SharpLink filed a prospectus supplement with the U.S. Securities and Exchange Commission, announcing its intention to increase the amount of common stock it can sell by an additional $5 billion, raising its offering from $1 billion to $6 billion.
Accumulation Strategy and Current Holdings
The company states it plans to use most of the proceeds from this expanded stock offering to acquire Ether, while also allocating funds for operational expenses. SharpLink aims to hold up to 1 million ETH in its treasury and currently holds over 280,000 ETH, approximately 99.7% of which is staked.
Market Impact and Financial Results
Following its regulatory update, SharpLink purchased an additional 32,892 ETH worth about $115 million. Despite its aggressive crypto strategy, the company's stocks (SBET) closed at $36.40, down 2.62%, and fell to $34.60 in after-hours trading, reflecting a decrease of 4.95%.
SharpLink Gaming showcases an active commitment to increasing its Ether holdings, despite current financial challenges and market fluctuations. Investors are awaiting the upcoming quarterly earnings report set for August 13.
