SharpLink Gaming Bets Big: $1B Share Sale to Fuel Ethereum Treasury Play

Gaming meets DeFi in a high-stakes capital move—SharpLink aims to funnel fresh billions into crypto reserves.

The $1B Gamble

No slow-rolling here: The firm’s aggressive share sale targets institutional cash to double down on ETH holdings. Because nothing says ’bullish’ like converting trad-fi liquidity into digital asset artillery.

Wall Street Meets Blockchain

Forget boring treasury bonds—SharpLink’s pivot mirrors MicroStrategy’s bitcoin playbook, but with Ethereum’s smart contract edge. Cynics whisper this reeks of desperation to ride the crypto wave; optimists call it visionary hedging against fiat decay.

One thing’s certain: When gaming companies start acting like crypto hedge funds, the financialization of everything accelerates—whether we’re ready or not.

If the company does manage to sell all their common shares, it would have enough money to buy $1 billion worth of ETH. Based on current market prices, the company could accumulate approximately 400,000 ETH. Many traders have pointed out how the company’s current strategy mirrors that of Michael Saylor’s Strategy, the largest corporate Bitcoin (BTC) holder.

At press time, Ethereum has gone down by 0.4% in the past 24 hours. It is currently trading hands at $2,484, with a market cap nearly reaching $300 billion.

Not long after the news broke, SharpLink’s stock plummeted as low as 24% in pre-market trading on June 2, declining from $76.70 to $58.15. This is a far cry from how the market reacted when the company announced it was going to raise $425 million in private placements to start an Ethereum treasury.

At the time, the company’s stock ROSE as high as 420% in pre-market trading, jumping from $6.72 to $34.75.

On May 27, SharpLink Gaming announced that it plans to adopt Ethereum as its main treasury asset, aiming to raise as much as $425 million through private placement in public equity to buy Ethereum. Ethereum co-founder Joseph Lubin was appointed Chairman of the company’s board after the deal closed.

Before SharpLink, there have been other companies that have made similar moves to establish an Ethereum treasury. However, the number of corporate Ethereum Treasury pales in comparison compared to the institutional demand for bitcoin holdings. On May 19, French real estate firm Entreparticuliers announced that it would start accumulating ETH, effectively becoming an Ethereum Treasury company.

Similar to SharpLink, Entreparticuliers also saw a meteoric rise in its stocks following the news, soaring more than 800% five days after the announcement.