SharpLink: launches the maxi-offer of $6 billion on ETH

The stock offering launched by SharpLink Gaming is worth up to 6 billion dollars, almost entirely intended for the purchase of ETH and operational expenses. An operation that, if finalized, will allow the company to hold up to 1.38% of the circulating supply of ETH. Let’s look at all the details of this move that can profoundly change the balance in the crypto world.

What happened with SharpLink Gaming and why is it relevant?

On July 18, 2024, SharpLink filed a prospectus supplement with the US Securities and Exchange Commission increasing its public offering of common stock from 1 to 6 billion dollars.

The company will use the majority of the proceeds (as stated in the document) to acquire Ethereum (ETH), as well as for working capital needs, general expenses, and affiliate marketing operations.

Never before had a listed player executed similar operations on this scale for ETH: according to Lookonchain, the purchases of recent days represent an unprecedented case.

How much ETH has SharpLink already accumulated? Numbers and milestones

The strategy has already translated into monster numbers. As of July 16, 2024, SharpLink held over 280,000 ETH in its treasury, with about 99.7% of the reserves already staked.

NUOVO: SharpLink diventa il più grande detentore di $ETH tra le entità aziendali

Tra il 7 luglio e il 13 luglio, SharpLink ha acquisito ~74,656 ETH per ~$213M a un prezzo medio di ~$2,852 per ETH

Le partecipazioni totali ora ammontano a ~280,706 ETH

~99.7% di ETH è in staking, guadagnando ~415 ETH dal 2 giugno… pic.twitter.com/2yknUWgkLJ

— SBET (SharpLink Gaming) (@SharpLinkGaming) 15 luglio 2025

Between June 2 and July 15, solely through staking activity, the company earned 415 ETH in rewards (equivalent to approximately 1.49 million dollars).

In recent weeks, the company has turbocharged its purchases: in just the last nine days, it has invested 515 million dollars in ETH, including a single tranche of 32,892 ETH purchased after the capital increase deposit, for a countervalue of 115 million dollars.

All this now positions it as the largest corporate holder of ETH, even surpassing the Ethereum Foundation (data from Galaxy Research).

Can SharpLink really come to own 1% of Ethereum?

If the collection of the new round is successful and will be entirely allocated to ETH, SharpLink will be able to hold up to 1 million ETH (the currently stated goal), corresponding to approximately 1.38% of the circulating supply.

On the way to our first stop:

1,000,000 $ETH pic.twitter.com/hzlwD4x2Sp

— SBET (SharpLink Gaming) (@SharpLinkGaming) July 17, 2025

A similar level of control over decentralized reserves had never been seen in the history of Ethereum.

The company has hinted at the intention to further expand its treasury — as clearly emerges from recent posts on corporate social media and the SEC prospectus. A strong message, especially at a time of growing institutional attention towards criptovalute.

What impacts for the market, investors, and DeFi?

According to Galaxy Research, the milestone achieved by SharpLink represents a positive catalyst for the entire Ethereum ecosystem.

The massive accumulation creates

pressure on market liquidity: less ETH available on exchanges

new incentives for staking, with potentially higher returns

concentration risk: a corporate holds more than one “no profit” foundation like Ethereum Foundation

All this while Ethereum continues its run among DeFi innovation, new DApps, and Layer 2 developments.

For investors and traders, this scenario opens new questions: will the ETH price experience a bull impulse? The medium-term effects could be significant. However, risks and challenges remain, such as the sustainability of the staking strategy and the financial solidity of SharpLink.

What do they really intend to do with all this ETH? Watch out for the strategies

At the moment, 99.7% of the reserves ETH of SharpLink are staking, meaning they are “locked” as a guarantee of the network and in exchange for an interest reward in ETH.

In the SEC prospectus, the company highlights its intention to maintain this strategy, but does not rule out using part of the assets also to support its core activities in the affiliate marketing and gaming sector.

Direct exposure to ETH is thus accompanied by a diversification of revenue sources: not only speculative gains from the ETH price, but also from staking reward and potentially from connected DeFi strategies.

The signal for the sector: has the ETH “treasure hunt” started?

According to many analysts, SharpLink’s move could trigger a new phase of institutional accumulation on ETH, fueled by the belief that the Ethereum blockchain is the future hub of Web3 infrastructure and decentralized finance.

This “treasure hunt” risks changing the balance of power between foundations, developers, traditional corporates, and private investors. It could also inspire other listed companies to include ETH in their balance sheets, as has already happened in the recent past with Bitcoin.

Conclusion: what happens now and what future for Ethereum?

The operation SharpLink is just beginning. If they really maintain the current purchasing pace, and manage to cover the entire capital mega-offer, Ethereum could see an unprecedented concentration of ETH in the hands of the most “aggressive” corporate of the moment.

The future depends on many factors: how the market will respond, if other players will follow the example, how long the appeal of staking rewards will last. But one thing is certain: the game has never been so big. Follow the story closely: in the coming weeks, everything can change, both for Ethereum and for the entire crypto sector.