Large-scale Ethereum Purchase in Sight through $5 Billion Stocks Proposal by Sharplink
SharpLink Gaming Inc., a performance marketing services provider for online sportsbooks and casinos, has significantly increased its Ethereum (ETH) holdings through the expansion of its At-The-Market (ATM) stock sale program.
The company, which currently holds over 280,000 ETH in its treasury, raised approximately $720.8 million through earlier sales and has now expanded its stock offering to a total of $6 billion. Under an agreement with sales agent A.G.P./Alliance Global Partners, an additional $5 billion has been added to the program.
Between June 23 and June 27, 2025, SharpLink acquired an additional 9,468 ETH for about $22.8 million, funded in part by raising approximately $24.4 million via selling 2,525,637 shares through the ATM facility. During July 7 through July 11, 2025, SharpLink raised approximately $413 million through the ATM by issuing 24,572,195 shares of common stock. With these proceeds, it purchased an additional 74,656 ETH at an average price of $2,852 per ETH.
Nearly all of SharpLink's ETH holdings are staked for rewards, and the company plans to use "substantially all" new proceeds to purchase more Ethereum. Proceeds from the stock sale program may also support general operations, working capital, and other corporate uses.
Sharplink's core marketing business saw a 26.1% revenue drop in 2024, but the company is leveraging its ETH strategy to diversify and strengthen its financial position. The decision in May was to make ethereum its primary reserve asset.
In addition to its ETH strategy, SharpLink has a stake in Cryptocasino.com, indicating its move into the crypto gaming space. The company's stock closed at $37.38 on July 16.
The forward sales of stock will be conducted "at the market" through Nasdaq or other U.S. venues. A.G.P. will earn a commission of 2% to 4% for the forward sales of stock, depending on volume and sale type. As of July 13, 2025, about $257 million remained available under this program for further ETH purchases.
With these moves, SharpLink Gaming Inc. has become the world's largest corporate holder of Ethereum, demonstrating its commitment to the cryptocurrency and its belief in its long-term potential.
[1] Source: CoinDesk [2] Source: Bloomberg [3] Source: Business Wire [4] Source: Yahoo Finance
- SharpLink Gaming Inc., in its commitment to Ethereum, has significantly increased its finance through the expansion of its stock sale program, with plans to use "substantially all" new proceeds to purchase more Ethereum.
- To diversify and strengthen its financial position, SharpLink Gaming Inc. has demonstrated its belief in Ethereum's long-term potential by becoming the world's largest corporate holder of Ethereum, funded in part by proceeds from its stock sale program.
