- The $6B offering of Sharplink might capture nearly 1.4 percent of Ethereum supply.
- 32,892 ETH worth $115M bought in 3 hours; $515M in the last 9 days.
- Over 353,000 ETH now held, with nearly all staked to generate yield.
Sharplink Gaming is stirring up, as the gaming platform has expanded its share offering to $6 billion, which may enable the company to acquire more than 1 percent of the total Ethereum supply. This action is an indication of a forceful surge in the corporate crypto accumulation and is redefining the space on a scale never witnessed before in Ethereum (ETH).
In a SEC filing, Sharplink disclosed an amended ATM agreement that raised the maximum sales of common stock to $6 billion, up from $1 billion. When used to full capacity, this influx would find Sharplink possessing nearly 1.4 percent of the ETH available tokens to purchase, which would place the company at an unprecedented level in the Ethereum ecosystem.
Massive ETH Purchases Intensify Pressure
Source – X
Sharplink has now bought 32,892 ETH in the past three hours worth approximately $115 million, increasing its purchases in the last nine days to 144,501 ETH, just under half a billion dollars. On-chain metrics indicate that the current holdings by Sharplink have surpassed 353,000 ETH, making it the biggest single corporate ETH owner.
A majority of these ETH reserves are staked, which provides security to the Ethereum network and provides staking profit. The company’s stock, trading under SBET, climbed 350% year-to-date. SBET, however, has fallen 54 percent off its high in May due to the volatility of the aggressive shift of the firm.
The acquisition spree by Sharplink comes after a sharp rise in the amount of capital raised. More than $413 million was auctioned off between July 7 and July 11 alone and additional equity offerings are still in the pipeline as per the latest ATM prospectus supplement. In its official statement, Sharplink says that it will contribute all the cash proceeds significantly to purchase Ether. Other funds can be utilized in working capital, operational and core marketing.
Sharplink Bets Ethereum as Corporate Treasury Standard
Source – SEC
In the recently filed SEC document dated May 30, Sharplink has had its proposed 6 billion offering recorded and is fully active, which means the company will have increased flexibility in future asset acquisition. The plan also brings Sharplink very close to one of the financial models popularized by initial corporate actors in the Bitcoin space, but this time, with Ethereum at the treasury center.
Sharplink has recently completed an over-the-counter transaction with the Ethereum Foundation to acquire an additional 10,000 ETH.Over 99 percent of reserves are staked and this secures the protocol and offers a continuous flow of staking rewards. Principal management in Sharplink has declared in effect that the potential in Ethereum is so significant that it overshadows historical patterns in digital corporate treasuries.
The drive to control the ETH holdings has accelerated the market discussions. Lookonchain data shows that the current purchasing rate of Sharplink has never been experienced in the history of institutional buyers. Its target has even alluded to accruing as much as 1 million ETH- a move that would further displease the existing relative parity between corporate and foundation holdings.
