SharpLink Targets $1 Billion Investment for Ethereum Treasury

On May 30, 2025, SharpLink, a sports betting and iGaming platform, made headlines by filing an S-3 ASR form with the U.S. Securities and Exchange Commission, outlining plans to raise $1 billion through a securities offering. The company intends to allocate the majority of these funds to purchasing Ethereum, a move that underscores a growing trend of corporate investment in cryptocurrencies beyond Bitcoin.

This strategic pivot follows SharpLink’s earlier announcement on May 27, when it established an Ethereum based treasury and appointed Joseph Lubin, co-founder of Ethereum and CEO of Consensys, as chairman of its board of directors. The decision has sparked enthusiasm within the Ethereum community and drawn comparisons to Strategy’s well-known Bitcoin strategy under Michael Saylor.

SharpLink’s latest filing reveals that the company will offer its common stock to qualified investors at $79.21 per share to raise the $1 billion. This follows a $425 million securities purchase agreement on May 27, where shares were offered at $6.15, with Consensys leading the funding round alongside investors like Pantera Capital, Digital Galaxy, and Ondo. The significant jump in share price reflects strong market confidence in SharpLink’s Ethereum focused strategy. The company plans to use the bulk of the proceeds to bolster its Ethereum reserves, with remaining funds allocated to general operating expenses. This move positions SharpLink as a pioneer among corporations diversifying their balance sheets with cryptocurrencies, a trend also seen in BTCS’s recent $57.8 million Ethereum purchase.

A New Playbook for Ethereum

SharpLink’s approach mirrors the corporate crypto adoption strategy popularized by Michael Saylor, who transformed Strategy into a Bitcoin powerhouse. By adapting this playbook for Ethereum, SharpLink is betting on the blockchain’s long-term potential. The involvement of Joseph Lubin adds credibility to the initiative, given his deep expertise in Ethereum’s ecosystem. Market observers, including Ethereum and AI enthusiast Eric Conner, have praised the move, suggesting Lubin’s leadership could drive significant demand for Ethereum. Conner noted that SharpLink’s strategy feels like “MicroStrategy for ETH,” a sentiment echoed across social media, where community members celebrated Ethereum finding its own corporate champion.

The market response has been striking. SharpLink’s stock, traded under the ticker SBET on Nasdaq, has surged 1,822% over the past five days, climbing from $3.99 to $76.70 as of May 30. This rally translates to a monthly gain of 2,224% and a year-to-date increase of 892%, highlighting the transformative impact of the company’s Ethereum strategy on its valuation. The surge underscores growing investor optimism about Ethereum’s role in corporate treasuries and its potential for bullish momentum in the broader market.

SharpLink’s bold move signals a broader shift in corporate attitudes toward cryptocurrencies. As more firms look beyond Bitcoin to diversify their holdings, Ethereum’s robust ecosystem and smart contract capabilities make it an attractive choice. The company’s rapid stock price growth and high-profile leadership changes suggest that this could be a defining moment for both SharpLink and the Ethereum market. For now, investors and crypto enthusiasts alike are watching closely to see if this strategy will set a new standard for corporate cryptocurrency adoption.