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Sharplink Gaming Inc. is expanding its stock sale program to a total of $6 billion, with plans to use most of the new funding to buy more ethereum (ETH) for its corporate treasury. The company disclosed the move in a fresh filing with the Securities and Exchange Commission (SEC) this week.
The Minneapolis-based online gaming marketing firm had already launched a $1 billion stock offering earlier. With the latest filing, it now adds another $5 billion to that effort under an agreement with sales agent A.G.P./Alliance Global Partners.
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So far, Sharplink has raised $720.8 million through earlier sales. The company says it will use “substantially all” new proceeds to purchase ETH, following its decision in May to make ethereum its primary reserve asset.
The firm cited multiple reasons for the move, including better capital efficiency, crypto-native exposure, and alignment with emerging financial technologies. As of mid-July, Sharplink held 280,706 ETH, with 99.7% of it staked to earn rewards.
In addition to expanding its offering, Sharplink amended its agreement to allow forward sales of stock. These shares will be sold “at the market” through Nasdaq or other U.S. venues, with A.G.P. earning a commission of 2% to 4% depending on volume and sale type.
Sharplink, which trades under the ticker SBET, closed at $37.38 on July 16. The company focuses on performance marketing services for online sportsbooks and casinos. It has recently taken steps into the crypto gaming space, including holding a stake in Cryptocasino.com.
While its core marketing business saw a 26.1% revenue drop in 2024, Sharplink is leaning into its ETH strategy to diversify and strengthen its financial position. Proceeds may also support general operations, working capital, and other corporate uses.