SharpLink plans to sell $5 billion in stock to increase its holdings in ETH

ChainCatcher News, SharpLink Gaming, a Minnesota-based company (NASDAQ: SBET), has submitted an updated prospectus to the U.S. Securities and Exchange Commission (SEC), planning to issue an additional $5 billion in common stock on top of the originally planned $1 billion, to further purchase Ethereum (ETH) for the company's treasury.

As of July 16, the company holds over 321,000 ETH (approximately $1.1 billion), making it the largest corporate holder of Ethereum currently. This expansion initiative stems from a $425 million private financing round led by Consensys in June, with Consensys CEO and Ethereum co-founder Joseph Lubin now serving as the chairman of SharpLink's board.