Sharplink Adds Another $5 Billion in ETH Reserves, Aiming for $5000?

Original｜Odaily Planet Daily（@OdailyChina）

Author｜Wenser（@wenser 2010 ）

After half a year, the price of ETH has returned to $3600 today. It must be said that Sharplink (NASDAQ: SBET), the "Ethereum version of Strategy" chaired by Consensys CEO and Ethereum co-founder Joseph Lubin, has played a significant role.Today,Sharplinkreleased another重磅消息：plans to issue an additional $5 billion in common stock on top of the originally planned $1 billion to further purchase ETH for the company's treasury.Odaily Planet Daily will summarize Sharplink's related actions in this article and explore the potential upside of ETH.

Sharplink's crypto rebirth journey: from an unknown gambling company to the "ETH version of Strategy"

Before May 27 of this year, many people might not have heard of Sharplink. Although this company, mainly engaged in US sports betting and sports betting marketing, startedexploring the application of blockchain technology in gambling as early as 2024, and in February of this year,acquired a 10% stake in the UK company Armchair Enterprises Limited for $500,000 in cash, the latter being the operator of CryptoCasino.com.

Apart from exploring blockchain business, Sharplink's previous partners included famous sports brands and leagues such as NBA, NHL, Turner Sports, etc. The reason it did not attract the attention of traditional financial markets and cryptocurrency markets before isbecause—its business performance was too poor.

Although the company is listed on the US stock market, its market value was only about $2 million before, with a stock price of about $2.9. According to its financial report information,in 2024, Sharplink's revenue was only $3.6623 million, a year-on-year decrease of 26.1% (2023 was $4.9527 million); operating expenses decreased significantly by 45.6%, from $10.4259 million in 2023 to $5.6692 million, but the net income was only $10.10 million (earnings per share of $2.29), compared to a net loss of $14.2432 million in 2023 (loss per share of $5.19), which was mainly due to the收益 from剥离非核心业务（Sports Gaming Client Services and SHGN, sold inJanuary 2024 for $22.5 million in cash）（$14.5733 million）. As of December 31, 2024, the company's cash balance was only $1.4367 million, a year-on-year decrease of 42.2%.

The slightly糟糕的经营状况，使得 Sharplink 为了维持股价不低于纳斯达克要求的 1 美元最低标准不得不另谋出路；而且，它也没有达到纳斯达克对股东权益至少 250 万美元的基本要求。

Under internal and external difficulties, Sharplink CEO Rob Phythian and Consensys CEO and Ethereum co-founder Joseph Lubin hit it off. Thus, Sharplink transformed from a struggling gambling marketing company to the current"ETH version of Strategy".

The暴涨奇迹 of crypto concept stocks: from less than $3 to over $100

On May 27, SharpLink Gaming, Inc. (NASDAQ: SBET) announced the signing of a securities purchase agreement for a $425 million private investment, planning to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share ($6.72 per share for company management team members). Consensys Software Inc. led the investment as the main investor, with participation from well-known crypto venture capital institutions such as ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, etc.

Once the news came out, Sharplink's stock price surged from less than $3 to over $100, then fell back to $35.83 after hours, and closed at $79.21 on May 29.

In early June, SharpLink Gaming officially announced the completion of a $425 million private financing, led by Consensys. The subsequent plan is to use the proceeds to purchase ETH and use it as its main treasury reserve asset, with Consensys CEO and Ethereum co-founder Joseph Lubin joining its board as chairman. In addition, it should be noted that at that time, apart from the 69.1 million common shares issued by Sharplink, only 2 million shares could be circulated in the market, with the rest restricted by registration rights agreements, expected to be tradable several months later, which also provided a certain buffer period for Sharplink's maintenance of listing qualifications and market value management.

From then on, Sharplink began a疯狂 "ETH buying phase", and the price of ETH also started to rise.

Sharplink stock pricetrend

In less than 2 months, Sharplink purchased ETH in large quantities through various channels such as over-the-counter OTC and crypto exchanges.As of July 16, the company has累计购入超 30 万枚 ETH，购买均价约为 2,701 美元，浮盈达 1.309 亿美元。

And just in the past 2 days, Sharplink has been频繁出手，最近的一次增持发生在今天上午，其先是将 18,712 枚 ETH（价值约合 6545 万美元）纳入其以太坊策略储备；随后再度增持 14,180 枚 ETH（价值约合 5010 万美元），今日已总计买入 32,892 枚 ETH（价值约合 1.15 亿美元）。

另外，据ETH储备网站信息，Sharplink ETH持仓量为 28 万枚时，其浮盈资金就已增长至 2.86 亿美元左右；目前，其 ETH 持仓来到了恐怖的近 34 万枚左右，价值近 12 亿美元。而这，也仅仅是一个开始。

Sharplink adds more: plans to raise an additional $5 billion to increase ETH holdings

The latest news shows that Sharplink has submitted an updated prospectus to the US Securities and Exchange Commission (SEC), planning to issue an additional $5 billion in common stock on top of the originally planned $1 billion to further purchase Ethereum (ETH) for the company's treasury. Market analysis believes that,Sharplink's potential $5 billion buy could push the price of ETH to at least over $5000.

On the other hand, Sharplink's market value has surged from about $2 million to about $3.6 billion now. Despite a nearly 35-fold increase in stock issuance, its market value has surged about 1800 times,堪称 "fighter in the US stock market". The latest data shows that its after-hours stock price is temporarily reported at $37.41, with a 24-hour increase of about 2.77%.

As a comparison, Strategy, which started the "listed company BTC strategic reserve plan", saw its stock price rise from $300 at the beginning of the year to a current after-hours price of as high as $458, with an annual increase of高达 55.84%, and a market value temporarily reported at $126.8 billion; while Sharplink (SBET)'s stock price rose from about $8 at the beginning of the year to about $36 now, with an annual increase of about 374%.

Compared to the massive Strategy, Sharplink, occupying the "ETH version of Strategy" niche,有望复刻其股价奇迹，再次上演翻倍剧本。