SharpLink Gaming Plans $1 Billion Ethereum Purchase, Earning Comparisons to Michael Saylor

SharpLink Gaming has revealed ambitious plans to raise up to $1 billion through a share offering — with the bulk of the proceeds earmarked for  purchasing Ether (ETH), the native cryptocurrency of the Ethereum blockchain. The details were outlined in a recent filing with the U.S. Securities and Exchange Commission (SEC) dated May 30.

In its filing, SharpLink stated:

“We intend to use substantially all of the proceeds from this offering to acquire Ether.”

The company also noted that part of the funds would go toward working capital, general corporate purposes, operating expenses, and its core affiliate marketing operations.

This move follows SharpLink’s May 27 announcement of an Ethereum-based corporate treasury strategy, marking a bold shift into the crypto space. As part of this pivot, the firm appointed Ethereum co-founder Joseph Lubin as chairman of its board of directors.

The market reacted swiftly: SharpLink’s stock surged by an eye-popping 400% during the May 27 trading session following the announcement.

SharpLink Gaming intends to use the funds to acquire Ether. Source: SEC

Risk Factors Highlighted

SharpLink’s SEC filing wasn’t all bullish; the company outlined several key risks associated with its large ETH acquisition.

One major concern is the potential rise of central bank digital currencies (CBDCs), which could reduce the demand for private cryptocurrencies like Ether or even make them obsolete.

Another critical risk involves regulatory uncertainty — specifically, the possibility of Ether being classified as a security. Such a designation would subject SharpLink to additional legal and compliance requirements, potentially complicating its treasury strategy.

Ethereum’s “Michael Saylor”?

The move has drawn widespread attention across the crypto community, with many likening SharpLink to the Ethereum equivalent of Bitcoin advocate Michael Saylor. Saylor’s firm, MicroStrategy, has become famous for amassing massive amounts of Bitcoin, currently holding over 580,250 BTC valued at approximately $60.22 billion, according to Saylor Tracker.

Ether is up 39.47% over the past 30 days. Source: CoinMarketCap

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

Broader Context

At the time of publication, Ether is trading at $2,516, down about 4.5% over the past 24 hours, according to CoinMarketCap data.

This news also comes on the heels of a new filing by ETF provider REX Shares, which has sparked speculation that the first Ethereum and Solana staking ETFs could launch in the U.S. within weeks. Analysts suggest that REX Shares may have employed regulatory workarounds to incorporate staking into ETFs, a feat that has proven challenging for other providers.