SharpLink Gaming, a company supported by Ethereum co-founder Joseph Lubin, has taken a step toward building one of the largest Ethereum
The company filed an update with US regulators that increases the amount of company stock it can sell from $1 billion to $6 billion.
According to the updated filing, the majority of the funds raised will be used to purchase ETH. The rest will help cover business expenses, such as operations, working capital, and affiliate marketing.
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The company repeated in the filing that buying ETH is its main goal for this offering.
SharpLink Gaming has bought $515 million worth of ETH. A single purchase on July 17 totaled 32,892 ETH, valued at around $115 million. Data from Lookonchain shows these recent buys have pushed SharpLink’s total holdings to more than 280,000 ETH.
Almost all of that ETH, around 99.7%, is staked, which means the company is locking up its holdings to help secure the Ethereum network in exchange for rewards.
At the time of writing, SharpLink Gaming holds more ETH than the Ethereum Foundation. Galaxy Research called it a positive sign for Ethereum, especially with such a large player publicly committed to the asset.
Recently, BTC Digital, a blockchain and mining company traded on Nasdaq as BTCT, decided to shift its focus entirely to Ethereum. What led to the decision? Read the full story.
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