Sharplink Gaming’s $6B Share Sale Could Buy 1% of All Ethereum in Circulation
Sharplink Gaming plans a massive $6B share sale, aiming to acquire 1% of all Ethereum in circulation after already buying $515 million worth of ETH
Sharpling Gaming, backed by Joseph Lubin, has raised its share sale goal from $1 billion to $6 billion to boost its Ethereum holdings.
In just nine days, it bought $515 million worth of ETH, aiming to own 1% of all ETH in circulation.
Sharplink Gaming $6B Share Sale Backs ETH Buying
Sharplink Gaming has expanded its share sale limit from $1 billion to $6 billion, according to a recent filing with the U.S. Securities and Exchange Commission.
The company explained that most of the funds will go towards buying Ether, with $515 million worth of ETH already added to its treasury in the past nine days, while the remaining amount will help cover business costs, daily operations, and its marketing efforts.
If Sharplink spends the full $6 billion on ETH at today’s prices, it could end up owning around 1.38% of ETH’s circulating supply, showing a strong belief in the future of the cryptocurrency.
Sharplink Becomes the Largest Corporate ETH Holder
Sharplink has officially become the largest corporate holder of Ether (ETH), with over 280,000 ETH currently in its treasury and about 99.7% of it staked.
The company recently revealed plans to eventually hold 1 million ETH, and between June 2 and July 15, Sharplink earned 415 ETH worth $1.49 million in staking rewards. After increasing its share sale, it bought an additional 32,892 ETH worth $115 million, bringing its nine-day total to $515 million in ETH acquisitions.
Galaxy Research noted that Sharplink surpassing the Ethereum Foundation’s ETH holdings could positively impact the Ethereum ecosystem.
Sharplink Stocks Drop Despite Big Gains
Sharplink Gaming (SBET) closed Thursday’s trading at $36.40, down 2.62%, and dropped further after hours to $34.60, a 4.95% drop, according to Google Finance.
While the stock has soared 350% year-to-date, it remains 54% below its May 29 peak of $79.21.. In the March quarter, the company reported a 24% drop in revenue and a 110% decline in net profit margin year-over-year.
Sharplink is set to release its next earnings report on August 13, according to Nasdaq.
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