SharpLink eyes bigger Ethereum stack with $6B stock sale plan

Corporate interest in Ethereum keeps heating up, and SharpLink is pushing harder into the trend, aiming to turn more capital into ETH.

According to a recent SEC filing, SharpLink has updated its stock sale program, boosting the limit to $6 billion from $1 billion. The company has already sold about $720.8 million from the first program and still has roughly $279 million left. 

The new filing adds another $5 billion and allows forward sales, giving SharpLink more ways to raise funds over time. Central to the amendment is the firm’s mission to push more funds towards its ongoing aggressive Ethereum (ETH) acquisition, which has seen it make a name as the largest ETH holder.  

Most of the funds go toward buying Ethereum, with any leftover to cover working capital, operations, and marketing. This move builds on a strategy the company started last month, when it named the second-largest crypto asset its primary reserve asset. 

SharpLink unveiled its total holdings to be 280,706 ETH earlier this week, worth roughly $1 billion at current prices. On-chain data reveals that the firm ​​recently purchased another 32,892 $ETH, further boosting its already gigantic portfolio.

Nearly 99.7% of its ETH is staked, generating 415 ETH in rewards since the treasury program launched on June 2. Unlike traditional corporate treasuries that park cash in low-yield assets, SharpLink uses staking to turn its ETH stack into a revenue-generating reserve.

SharpLink now surpasses even the Ethereum Foundation in portfolio value. With its continued aggressive accumulation, the company looks fated to maintain the top spot.

But competition is growing. Recently, BitMine Immersion, another ETH-focused treasury player, announced that its holdings had surpassed 300,657 ETH. This briefly eclipsed SharpLink’s total, but the company’s latest acquisition now puts it back on top.

Meanwhile, ETH has been on a strong run over the past month, logging fresh gains and reclaiming some of its highest price levels. At press time, the asset trades just slightly below $3,620, up about 5% in the past 24 hours, 21% over the week, and 44% over the past month.