Sports Betting Firm to Funnel Proceeds Into Ether, Drawing Saylor Comparisons
In a bold move echoing the crypto playbook of Michael Saylor, SharpLink Gaming has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to sell up to $1 billion in common stock—with the bulk of the proceeds earmarked to buy Ethereum (ETH).
“We Intend to Acquire Ether” — SEC Filing Confirms Strategy
In a May 30 filing, SharpLink confirmed plans to allocate a majority of the proceeds from its offering to purchase ETH, the native token of the Ethereum blockchain.
“We intend to use substantially all of the proceeds from this offering to acquire Ether,” the company stated.
The remaining funds, the filing notes, will cover working capital, general corporate purposes, and operational costs, particularly for its affiliate marketing business.
Massive Stock Surge Follows Ethereum Treasury Announcement
Just days earlier, on May 27, SharpLink announced it was adopting an Ethereum-based corporate treasury strategy. That same day, the company’s stock skyrocketed by 400%—a surge that captured attention across both financial and crypto circles.
Adding fuel to the momentum, SharpLink appointed Ethereum co-founder Joseph Lubin as Chairman of its Board, signaling deepening commitment to Ethereum.
Community Crowns SharpLink as “Ethereum’s Michael Saylor”
SharpLink’s aggressive move quickly drew parallels with Michael Saylor, the executive chairman of MicroStrategy, known for amassing over 580,250 Bitcoin valued at $60.22 billion through his firm. Now, some are dubbing SharpLink the “Saylor of Ethereum.”
Crypto analyst 0xBoboShanti posted: “Ethereum finally has its own Saylor,” while Ethereum educator Anthony Sassano added: “You are not bullish enough.”
Risks Disclosed: CBDCs and SEC Oversight on the Radar
SharpLink did not ignore the risks tied to its Ethereum investment. The SEC filing warned that the launch of central bank digital currencies (CBDCs) could reduce the demand for private cryptocurrencies like ETH. Moreover, the firm noted the possibility of Ethereum being classified as a security, which could trigger additional regulatory compliance.
Ether Holds Despite Market Dip
At the time of writing, ETH is trading at $2,516, down 4.51% in the past 24 hours but still up 39.47% over the last 30 days, according to CoinMarketCap.
Meanwhile, analysts are also watching a new SEC filing by REX Shares, which could pave the way for Ethereum and Solana staking ETFs in the U.S.—a development that might further influence ETH’s price trajectory.
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