SharpLink Gaming Pushes for $400 Million More in Ethereum Expansion
SharpLink Gaming is at it again—this time looking to pull in another $400 million to bulk up its Ethereum holdings. If things go as planned, the company’s total ETH stash could soon cross the $3 billion mark. That’s according to a statement they dropped on Monday.
The online gambling firm isn’t messing around. They’re offering shares at $21.76 a pop to five big-name institutional investors. Assuming everything checks out, the deal should wrap up by Tuesday, August 12.
A Bet on Ethereum’s Future
Joseph Chalom, SharpLink’s co-CEO, didn’t hold back in the press release. He pointed to the “speed and scale” of recent investments as proof of growing confidence—not just in the company, but in Ethereum itself. Over the past week alone, SharpLink has reportedly scooped up nearly $900 million.
But the market’s reaction? A bit all over the place. Shares of SharpLink (ticker: SBET) started the day around $24, shot up to $28 at one point, then took a nosedive to close at $22.34—down more than 6.6%. Still, the stock’s up 17% for the week, so it’s not all bad news.
Ethereum’s Corporate Boom
SharpLink’s move lines up with a bigger trend: companies hoarding Ethereum like it’s going out of style. BitMine, EtherMachine, Bit Digital—they’re all sitting on billions in ETH. One analyst from Standard Chartered even thinks corporate holdings could soon make up 10% of Ethereum’s total supply.
Right now, ETH is trading at $4,220, up 13.5% this week and a whopping 43% over the past month. It’s just 13% shy of its all-time high of $4,878, according to CoinGecko. Not bad for a crypto that’s spent the last two years lagging behind the broader market.
Will ETH Break Records This Year?
A lot of people seem to think so. Over on Myriad, a crypto prediction platform, more than 75% of users are betting Ethereum will smash its previous high before 2024 wraps up.
As for SharpLink? They’re dead set on grabbing 1% of Ethereum’s circulating supply—roughly 1.2 million ETH at current counts. They’re already halfway there, with 598,800 ETH worth about $2.5 billion as of August 10.
Whether this all pays off is anyone’s guess. But for now, SharpLink’s doubling down—and Wall Street’s watching.
