Ethereum has attracted attention again this week. Sharplink Gaming, a U.S.-based sports bookmaker, has filed for as much as $1 billion in common stock from the Securities and Exchange Commission (SEC).
The company said it plans to use the money to buy Ether (ETH), the main cryptocurrency of the Ethereum network. Sharplink announced its new Ethereum-based treasury strategy a few days after it announced.
After the plan was released, their share price exploded nearly 400% in the transaction in the May 27 trading. Meanwhile, the company appointed Ethereum co-founder Joseph Lubin as the new chairman of the board.
Ether is the goal
According to the May 30 application, Sharplink hopes to use most of the funds raised to purchase Ether. But it’s not just about cryptocurrencies. Some cash will also be used to operate businesses such as working capital, corporate expenses and member marketing businesses.
At the time of filing, ETH was trading at $2,520, and ETH fell 2.31% in 24 hours based on Coingecko data. The timing of purchase and the currency they actually purchase may depend on the market. But the news is clear: Sharplink is on Ethereum.
Risks on the table
The company also lists several risks that could affect its huge investments. One of them is the possible rise of central bank digital currencies (CBDCS). If CBDC stands out, Sharplink believes that demand for private cryptocurrencies such as ETH may decline or lose its usefulness.
Image: BlockTempo
Another risk is regulation. If the SEC or other agencies decide to classify Ether as “security”, Sharplink may face new rules and reporting requirements. In the long run, this could complicate their plans and cost the company the loss.
The crypto world reacts
The crypto community is not keeping quiet. Many compared Sharplink’s move to Bitcoin’s strategy.
Crypto analyst 0xboboshanti posted on X (formerly Twitter) that “Ethereum finally has its own Saylor”, referring to Strategy Executive Chairman Michael Saylor (formerly MicroStrategy). His company now has over 580,250 BTC, worth over $60 billion according to Saylor Tracker.
Sharplink Games Plans to Raise Up to $1 billion and then Use It to Buy ETH
You’re not good enough pic.twitter.com/rskeqvhp0p
– sassal.eth/acc🦇🔊 (@sassal0x) May 30, 2025
Ethereum educator Anthony Sassano added noise and said, “You’re not optimistic enough”, which shows that there is a lot of support for Sharplink’s strategy.
ETF buzz adds fuel
Timing may be the key. Before Sharplink filed the paperwork, ETF provider REX Stock submitted paperwork, which predicts that Ethereum and Solana Stating ETFs may be launched in the U.S. soon.
These ETFs will enable investors to receive positive rewards through regulated funds, which many providers strive to achieve.
Featured images from Unsplash, charts for TradingView
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