Ethereum's Biggest Wall Street Bull Ups Stock Sale to $6B to Power ETH Treasury

SharpLink Gaming (NASDAQ: SBET), the largest corporate holder of ether (ETH), is raising its equity sale target from $1 billion to $6 billion, expanding its strategy of buying ETH for treasury reserves.

In an updated filing with the U.S. Securities and Exchange Commission (SEC) on Thursday, the Minnesota-based affiliate marketing firm disclosed a prospectus supplement that increases the amount of common stock eligible for sale by $5 billion, on top of the $1 billion previously filed on May 30.

“We are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion,” the filing read, noting that SharpLink has already sold $721 million under the original prospectus.

The firm says it may sell an additional $279 million from the previous authorization, alongside the new $5 billion issuance.

The capital raise is part of SharpLinks aggressive push into ether. The company now holds over 321,000 ETH, worth approximately $1.1 billion at current prices.

That number has grown significantly following a $425 million private placement led by Consensys in early June — a move that also saw Ethereum co-founder Joseph Lubin join the company as chairman of the board.

The firms ETH accumulation strategy marks one of the most aggressive treasury pivots in corporate crypto history, echoing early bitcoin strategies by MicroStrategy but with Ethereum as the core asset.