SharpLink Gaming to Sell $5 Billion in Stock for ETH

SharpLink Gaming, based in Minnesota and the largest corporate holder of Ethereum (ETH), has announced a significant increase in its total sellable stock to $6 billion. This adjustment was filed as a 'prospectus supplement' with the U.S. Securities and Exchange Commission, raising the amount from the previously proposed $1 billion on May 30. In a statement on July 17, the firm explained, 'We are filing this Prospectus Supplement to amend the Prior Prospectus to update the amount of shares of Common Stock we are eligible to sell.' The revised total will allow for $1 billion under the initial proposal and an additional $5 billion through the new supplement. SharpLink Gaming has reported 'gross sales' of approximately $721 million from the original prospectus and has the potential to sell another $279 million before fully utilizing that prospectus. The firm remains committed to acquiring more ETH, having already garnered over 321,000 ETH valued at around $1.1 billion as of July 16. This strong position was solidified by a $425 million private placement led by Consensys, a crypto infrastructure company, in early June. Joseph Lubin, Consensys CEO and Ethereum co-founder, joined SharpLink as chairman of its board following this investment. As of the latest update, ETH is trading at $3,412 with a trading volume of $42.9 billion in the last 24 hours. SharpLink Gaming shares were priced at $35.91, down 2.15% over the past day according to Nasdaq data.