SharpLink Gaming, Dubbed Ethereum’s ‘Own Saylor,’ Eyes $1B ETH Acquisition

SharpLink Gaming Plans Major Ether Acquisition Through $1B Stock Offering

SharpLink Gaming, a U.S.-based sports betting platform, has filed with the Securities and Exchange Commission (SEC) to offer up to $1 billion in common stock, with the bulk of the proceeds earmarked for purchasing Ether (ETH)—the native cryptocurrency of the Ethereum blockchain.

In the May 30 SEC filing, the company stated:

“We intend to use substantially all of the proceeds from this offering to acquire Ether, the native cryptocurrency of the Ethereum blockchain commonly referred to as ‘ETH.’”

In addition to building its ETH holdings, SharpLink noted that the raised funds may also support working capital needs, general corporate purposes, operating expenses, and affiliate marketing efforts.

Corporate Shift Toward Crypto

The move follows a May 27 announcement unveiling SharpLink’s new Ethereum-based corporate treasury strategy, signaling a broader pivot toward blockchain-based financial management.

Coinciding with the announcement, the company appointed Ethereum co-founder Joseph Lubin as chairman of its board—a high-profile endorsement that likely contributed to SharpLink’s stock soaring 400% in trading on the same day.

Risks Highlighted in SEC Filing

The SEC filing also outlined various risks associated with such a large Ether investment. These include:

• The potential introduction of central bank digital currencies (CBDCs), which could reduce demand for private cryptocurrencies like Ether.

• The risk of Ether being designated as a security, which would impose additional regulatory compliance on the company.

Community Reaction: "Ethereum’s Michael Saylor"

SharpLink’s aggressive Ether strategy drew immediate comparisons to Michael Saylor, the executive chairman of MicroStrategy, known for his significant Bitcoin acquisitions. As of now, Saylor's firm holds 580,250 BTC, valued at approximately $60.22 billion, according to Saylor Tracker.

Crypto analyst 0xBoboShanti remarked on X, “Ethereum finally has its own Saylor,” while Ethereum educator Anthony Sassano added, “You are not bullish enough.”

At the time of publication, Ether is trading at $2,516, down 4.51% over the past 24 hours, according to CoinMarketCap.

Broader Context: Ethereum ETFs on the Horizon?

The filing coincides with rising optimism around Ethereum-based financial products. A recent submission by ETF provider REX Shares has analysts predicting the imminent arrival of Ethereum and Solana staking ETFs in the U.S., potentially within weeks.

Analysts believe REX Shares used regulatory workarounds that could succeed where other firms have faced hurdles, possibly opening the door for broader institutional access to staking-based returns.