SharpLink Gaming May Expand ETH Holdings After $515M Purchase Amid Increased Equity Offering

Key Points

1. SharpLink Gaming, backed by Joseph Lubin, has expanded its Ether reserves with a $515 million purchase, increasing its authorized equity sale from $1 billion to $6 billion.

2. The company holds over 280,000 ETH and plans to scale its treasury to nearly 1 million ETH, representing approximately 1.38% of Ethereum’s circulating supply.

3. SharpLink has staked 99.7% of its ETH holdings, earning 415 ETH (around $1.49 million) in staking rewards between June 2 and July 15.

4. Despite its aggressive ETH acquisition, SharpLink’s stock (SBET) declined by 2.62% in Thursday’s session and dropped 4.95% in after-hours trading, while still being up 350% year-to-date.

5. SharpLink reported a 24% year-on-year revenue decline and a 110% decrease in net profit margin in the March quarter, with financial results scheduled for August 13.

6. Galaxy Research noted SharpLink’s ETH accumulation as a positive catalyst for the Ethereum ecosystem, potentially encouraging other corporates to adopt similar strategies.