SharpLink Gaming has announced plans to raise $400 million in a dedicated funding round aimed at significantly expanding its Ethereum treasury holdings. The company intends to deploy the capital to acquire more ETH, targeting an accumulation exceeding $3 billion worth of the cryptocurrency.
This aggressive acquisition strategy positions SharpLink to potentially control approximately 1% of Ethereum’s total circulating supply. The move underscores a significant long-term bet on the Ethereum ecosystem and signifies notable investor confidence in the company’s crypto-focused growth plans.
News of the funding push coincides with positive momentum in the Ethereum market; ETH surged to a trading price of $4,220 prior to the announcement, marking a 13.5% gain over the preceding week. SharpLink currently holds 598,800 ETH, valued at approximately $2.5 billion at this price point.
Market reaction to the treasury expansion plan demonstrated underlying confidence despite a short-term stock dip. SharpLink Gaming’s stock closed down 6.6% to $22.34 but retains a substantial weekly gain of over 17%, suggesting investor support for the strategy. This activity highlights the growing trend of publicly traded companies deepening their cryptocurrency reserves.
Analysts note that if all major public firms pursue similar treasury strategies, they could collectively control up to 10% of Ethereum’s entire circulating supply.