Sharplink Gaming (NASDAQ: SBET), the largest company holder of Ether (ETH), is increasing its stock sales target from $1 billion to $6 billion and expanding its strategy to buy spare ETH for the Treasury.
In an updated filing with the Securities and Exchange Commission (SEC) on Thursday, the Minnesota-based affiliate marketing company revealed a prospectus supplement that would increase the $5 billion in common stock eligible for sale, in addition to the $1 billion filed earlier on May 30.
“We are increasing the total amount of common stock that could be sold under a sales agreement to $6 billion,” Filing reads. Sharplink says it has already sold $721 million under its original prospectus.
The company says it could sell another $279 million from its previous approvals along with the issuance of the new $5 billion.
Capital Raises is part of Sharplink's aggressive push to ether. The company currently owns over 321,000 ETH, worth around $1.1 billion at its current price.
That number rose significantly following a private $425 million placement led by Consensys in early June. This led to Josefulvin, co-founder of Ethereum, to join the company as chairman of the board.
The company's ETH accumulation strategy is one of the most aggressive Treasury pivots in the history of the company's cryptocurrency, reflecting the early Bitcoin strategy with micro-strategic strategies, but echoing Ethereum as its core asset.
