US Sports Betting Platform To Raise $1 Billion For Ethereum Treasury Holdings

Ethereum is on the spotlight again this week. SharpLink Gaming, a US-based sports betting firm, has filed with the Securities and Exchange Commission (SEC) to offer up to $1 billion in common stock.

The company says it plans to use the money to purchase Ether (ETH), the main cryptocurrency of the Ethereum network. This big move comes just days after SharpLink announced its new Ethereum-based treasury strategy.

Their stock price exploded by nearly 400% during trading on May 27, just after the plan went public. At the same time, the company appointed Ethereum co-founder Joseph Lubin as the new chairman of its board of directors.

Ether Is The Target

According to the May 30 SEC filing, SharpLink wants to put most of the raised funds toward buying Ether. But it’s not just about crypto. Some of the cash will also go toward running the business—things like working capital, corporate expenses, and affiliate marketing operations.

ETH was trading at $2,520 at the time of the filing, down 2.31% in 24 hours, based on Coingecko data. The timing of the purchase, and how much Ether they actually buy, could depend on the market. But the message is clear: SharpLink is going all in on Ethereum.

Risks On The Table

The company also listed several risks that could affect its big Ether investment. One of them is the possible rise of central bank digital currencies (CBDCs). If CBDCs take off, SharpLink believes demand for private cryptocurrencies like ETH could drop or lose their usefulness.

Another risk is regulatory. If the SEC or another agency decides to classify Ether as a “security,” SharpLink could face new rules and reporting requirements. That could complicate their plans and cost the company money in the long run.

The crypto community didn’t stay quiet. Many compared SharpLink’s move to what Strategy did with Bitcoin.

Crypto analyst 0xBoboShanti posted on X (formerly Twitter), “Ethereum finally has its own Saylor,” referring to Michael Saylor, the executive chairman of Strategy (formerly MicroStrategy). His firm now owns over 580,250 BTC, valued at more than $60 billion, based on Saylor Tracker.

SharpLink Gaming plans to raise up to $1 billion which they will then use to buy ETH

You are not bullish enough pic.twitter.com/rskEQVhP0p

— sassal.eth/acc (@sassal0x) May 30, 2025

Ethereum educator Anthony Sassano added to the noise, saying, “You are not bullish enough,” signaling strong support for SharpLink’s strategy.

The timing could be key. Just before SharpLink’s filing, ETF provider REX Shares submitted paperwork that has analysts predicting Ethereum and Solana staking ETFs could launch in the US soon.

These ETFs would allow investors to earn staking rewards through regulated funds, something many providers have struggled to pull off.

Featured image from Unsplash, chart from TradingView