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Sharplink Gaming Inc., a Nasdaq-listed company known for providing marketing services to sportsbooks and casinos, has announced a bold pivot into the crypto space. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the firm intends to sell up to $5 billion worth of common stock with the primary goal of acquiring Ethereum (ETH), the world’s second-largest cryptocurrency.
This aggressive move comes as part of Sharplink’s broader plan to adopt Ethereum as its main treasury reserve asset—a step that aligns the company with a growing number of firms integrating digital assets into their financial strategies.
$6 Billion Stock Offering in Total
The new $5 billion stock sale adds to an already existing $1 billion offering, bringing Sharplink’s total stock sale capacity to a staggering $6 billion. The offering will be conducted through sales agent A.G.P./Alliance Global Partners, which has also handled previous share sales for the company.
So far, Sharplink has already raised approximately $720.8 million under its earlier $1 billion program. Most of the newly raised capital will be directed toward acquiring Ethereum. This continued focus on ETH underscores Sharplink’s confidence in the asset’s long-term value and utility in decentralized finance and digital infrastructure.
Ethereum Becomes Primary Treasury Reserve
Sharplink officially began holding Ethereum as its primary treasury asset in May 2025. The decision was part of a strategy to diversify financial reserves, improve capital efficiency, and embrace next-generation financial technology.
As of July 13, Sharplink reported holding 280,706 ETH. Remarkably, 99.7% of this is currently staked. By staking its ETH, the company not only contributes to securing the Ethereum blockchain but also earns passive income through staking rewards.
This high level of ETH staking reveals Sharplink’s commitment to integrating blockchain-based income streams directly into its financial model—an approach more commonly seen in decentralized finance (DeFi) platforms than in traditional gaming companies.
Diversification Amid Revenue Decline
While the crypto strategy is ambitious, it also appears to be a response to ongoing challenges in Sharplink’s core business. The company reported a 26.1% drop in affiliate marketing revenue year-over-year in 2024. As a result, moving into digital assets and blockchain gaming could help stabilize and diversify revenue streams.
In fact, Sharplink has already begun expanding into crypto gaming initiatives. One example is its investment in platforms like Cryptocasino.com, which blend online gambling with blockchain technology. These moves could help the company tap into new user demographics and revenue sources as the gaming industry evolves.
Updated Sales Strategy and Market Flexibility
The recent SEC filing also outlines updates to Sharplink’s agreement with A.G.P. to allow for forward sales of stock. This mechanism gives the company more control and flexibility over how and when shares are sold, depending on market conditions.
Sales will be made « at the market » on the Nasdaq or other approved U.S. trading venues. The sales agent, A.G.P., will earn commissions between 2.0% and 4.0%, depending on the volume and structure of the transactions.
It’s important to note that while a large portion of the funds raised will go toward Ethereum acquisitions, some will be reserved for general corporate needs, working capital, and operations related to Sharplink’s existing business lines.
Crypto as a Core Business Element
Sharplink’s move signals a growing trend of companies looking beyond Bitcoin and incorporating Ethereum as a central part of their financial strategy. Unlike Bitcoin, which is mostly viewed as digital gold, Ethereum has real-world utility across DeFi, non-fungible tokens (NFTs), and blockchain-based gaming.
By staking nearly its entire ETH reserve, Sharplink not only earns yield but also aligns itself with the Ethereum network’s long-term development. This passive income model may become increasingly attractive to publicly traded firms looking to blend traditional business models with Web3 potential.
Looking Ahead
As of July 16, Sharplink’s stock closed at $37.38 under the ticker symbol “SBET” on Nasdaq. If the company proceeds with its full $6 billion stock issuance and follows through on Ethereum acquisitions, it could soon emerge as one of the largest ETH-holding firms in the public markets.
With its aggressive pivot into Ethereum and crypto gaming, Sharplink Gaming is no longer just a marketing company—it’s positioning itself as a forward-thinking player at the intersection of online entertainment and blockchain finance.
