SharpLink Gaming Expands Share Offering to $6 Billion for Ethereum Acquisition
SharpLink Gaming has increased its share offering from $1 billion to $6 billion, signaling a major push to acquire Ether (ETH). The company has already purchased $515 million worth of ETH in just nine days. Backed by Joseph Lubin, this move highlights SharpLink’s growing role in the Ethereum ecosystem.
SharpLink’s Ethereum Holdings and Staking Strategy
SharpLink currently holds over 280,000 ETH, with 99.7% staked. From June 2 to July 15, staking rewards totaled 415 ETH ($1.49 million). The company aims to hold 1 million ETH, demonstrating long-term confidence in Ethereum.
Impact on the Ethereum Ecosystem
SharpLink now holds more ETH than the Ethereum Foundation. Galaxy Research views this as positive for Ethereum, showing strong institutional interest.
Financial Performance and Market Reaction
Despite these moves, SharpLink’s stock (SBET) fell 2.62% to $36.40, with further after-hours declines. March quarter results showed a 24% revenue drop and 110% profit margin decrease. Investors await August 13 earnings to assess the ETH strategy‘s impact.
