Ethereum News Today: Sharplink Gaming Expands Stock Offering to $6 Billion for Ethereum Accumulation

Sharplink Gaming has significantly expanded its stock offering to $6 billion, a move that could potentially allow the company to acquire nearly 1.4 percent of the total Ethereum supply. This development marks a substantial surge in corporate crypto accumulation, setting a new precedent in the Ethereum ecosystem. The company's amended ATM agreement, filed with the SEC, increases the maximum sales of common stock from $1 billion to $6 billion. If fully utilized, this influx would position Sharplink as a major player in the Ethereum market, holding a significant portion of the available ETH tokens.

Sharplink has already made substantial purchases of Ethereum, acquiring 32,892 ETH worth approximately $115 million in just three hours. Over the past nine days, the company has bought 144,501 ETH, valued at nearly half a billion dollars. On-chain metrics reveal that Sharplink now holds over 353,000 ETH, making it the largest single corporate owner of ETH. A majority of these holdings are staked, providing security to the Ethereum network and generating staking profits. The company's stock, trading under the ticker SBET, has seen a 350% year-to-date increase, although it has fallen 54 percent from its May high due to market volatility.

The aggressive acquisition spree by Sharplink follows a significant rise in capital raised. Between July 7 and July 11, the company auctioned off more than $413 million in equity, with additional offerings planned as per the latest ATM prospectus supplement. Sharplink has stated that all cash proceeds from these offerings will be used to purchase Ether, with other funds allocated to working capital, operational expenses, and core marketing efforts. This strategy aligns with the company's vision of Ethereum as a standard for corporate treasuries, similar to the models popularized by early corporate actors in the Bitcoin space.

Sharplink's recent over-the-counter transaction with the Ethereum Foundation to acquire an additional 10,000 ETH further solidifies its position. Over 99 percent of Sharplink's ETH reserves are staked, securing the protocol and providing a continuous flow of staking rewards. The company's management has expressed confidence in Ethereum's potential, suggesting that it surpasses historical patterns in digital corporate treasuries. The rapid pace of Sharplink's ETH purchases has sparked market discussions, with some analysts speculating that the company could aim to accumulate as much as 1 million ETH. Such a move would significantly alter the balance between corporate and foundation holdings in the Ethereum ecosystem.