SharpLink announces a billion-dollar Ethereum reserve plan, SBET stock price skyrockets after multiple circuit breakers.

The American online gaming company SharpLink announced at the end of May its entry into the Ethereum (ETH) strategic reserves, purchasing ETH through a private sale of $425 million. Now, it has announced a future fundraising plan of one billion dollars, which will add another layer of momentum to its core business in the encryption game market.

The relationship between SharpLink and cryptocurrency

SharpLink Gaming Inc. (stock code: SBET) is an innovative performance marketing company based in Minnesota, USA, focusing on providing data-driven user conversion solutions for the sports betting and online gambling (iGaming) industry.

SharpLink will implement an expansion strategy in early 2025, focusing on identifying and seeking complementary growth opportunities in the global cryptocurrency gaming market, which is a rapidly emerging field within the iGaming industry, driven by the integration of blockchain technology and gaming experiences; this process will further give rise to a new online gaming economy.

In early 2025, SharpLink acquired a 10% stake in the UK-based parent company of CryptoCasino.com for $500,000 in cash, securing future priority acquisition control. CryptoCasino is a gambling platform that operates using blockchain technology, accepting various cryptocurrencies including Bitcoin, Ether, Litecoin, and others for deposits, catering to the preferences of users worldwide while ensuring player safety, transparency, and anonymity. CryptoCasino.com offers traditional registration and Web3 connection. By instantly connecting wallets such as MetaMask and Trust Wallet, players can easily deposit and withdraw funds within seconds. Additionally, CryptoCasino.com provides services to over 1 billion independent Telegram users by offering Telegram Casino integration, allowing anyone to join and start playing with just a click.

SharpLink's Ethereum strategy reserves

SharpLink Gaming announced at the end of May that it raised approximately $425 million through a capital increase, led by Consensys Software Inc. Participants include well-known crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. This move is aimed at establishing a strategic reserve asset for Ethereum. It will be used to purchase and hold ETH or assets related to the Ethereum ecosystem.

Subsequently, SharpLink Gaming submitted the S-3 filing again, and SharpLink Gaming expects to raise one billion dollars through the issuance of common stock, preferred stock, warrants, and bonds, in one or more offerings.

SBET stock price skyrocketed, experiencing multiple circuit breakers.

Before May 27, SBET's stock price was only around 6 dollars per share, but driven by news in recent days, the stock price once skyrocketed to 120 dollars, experiencing multiple circuit breakers, and closed at 76.7 dollars last Friday, with an increase of up to 18 times in a week.

According to its documents, the company currently has 59,426,620 shares of common stock outstanding, and as of May 30, 2025, there are only 68 recorded holders of common stock. This issuance is expected to issue up to 100,000,000 shares of common stock.

This article announces SharpLink's billion-dollar Ethereum reserve plan, with SBET stock price soaring through multiple circuit breakers, first appearing in Chain News ABMedia.