Ethereum News Today: SharpLink Boosts Ethereum Holdings With $6 Billion Equity Offering

SharpLink has significantly expanded its sales agreement, increasing its at-the-market equity offering from $1 billion to $6 billion. This move is aimed at funding further Ethereum acquisitions and staking activities, marking a substantial escalation in the company's crypto treasury strategy. The updated agreement, filed on July 17, underscores SharpLink's commitment to leveraging capital markets to bolster its position as a leading corporate holder of Ethereum.

The company has already amassed 280,706 ETH, with nearly all of it deployed into staking. Since adopting this strategy in June, SharpLink has earned 415 ETH in staking rewards, valued at approximately $1.2 million at current prices. The firm's ETH holdings are now worth around $840 million. SharpLink operates validators to support its staking activities, generating returns through Ethereum’s proof-of-stake model.

Between July 7 and July 11, SharpLink raised $413 million by issuing over 24 million shares. During this period, the company purchased 74,656 ETH at an average price of $2,852 per token, surpassing the Ethereum Foundation's holdings. The Ethereum Foundation, which previously held a larger share, recently sold 10,000 ETH to SharpLink in an over-the-counter deal. The foundation now holds about $665 million in ETH.

As of July 11, SharpLink had around $257 million in cash reserves from the recent funding round. The company plans to use these remaining funds to continue building its Ethereum position and allocate some proceeds for operating costs, general working capital, and affiliate marketing functions. These measures are part of its broader financial planning structure tied to ETH accumulation.

Joseph Lubin, Ethereum co-founder and CEO of Consensys, recently joined SharpLink as its chairman. This development aligns with the company’s ongoing efforts to integrate its treasury operations with Ethereum’s long-term value. SharpLink's shares have surged nearly sixfold since the company began acquiring Ethereum. On July 16, shares gained 5% while ETH traded slightly below $3,000.