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SharpLink Gaming increases its issuance capital to 6 billion USD to purchase more Ethereum.
SharpLink Gaming (SBET), based in the state of Minnesota (America) and currently the largest holder of Ethereum in the world, has raised its total authorized stock sale value to 6 billion USD, according to a supplemental document submitted to the Securities and Exchange Commission (SEC) on July 17.
This move aims to raise additional funds to continue the large-scale buying strategy for ETH. Previously, SharpLink had only sought permission to issue a maximum of 1 billion USD in shares on May 30. However, the amendment on July 17 raised this figure to 6 billion USD, including the 1 billion USD that had been previously approved and an additional 5 billion USD.
The company stated that it has sold approximately 721 million USD worth of shares according to the old prospectus and still has the ability to issue an additional 279 million USD in this framework, as well as 5 billion USD new according to the update.
SharpLink currently holds over 321,000 ETH, valued at approximately 1.1 billion USD as of July 16. This is the largest holder of Ethereum in the world at the moment. The company's strategy of accumulating ETH began after a private funding round of 425 million USD led by Consensys in early June. Notably, the CEO of Consensys and co-founder of Ethereum, Mr. Joseph Lubin, has joined SharpLink as the Chairman of the Board.
Comparison with Bitcoin: Capital Leverage
Although the new investment amount has reached 6 billion USD, it is important to note that the market capitalization of Ethereum is currently only about 1/5 that of Bitcoin. This means that the impact of 5 billion USD buying ETH could be equivalent to pumping 30 billion USD into BTC, when considering market capitalization ratios and the ability to exert price pressure.
Specifically, with the current market capitalization of ETH at around 420 billion USD and BTC at over 2.3 trillion USD, every 1 USD poured into ETH will have a leverage effect 5 times greater than that of BTC. This explains why institutional investors are increasingly interested in Ethereum in this new phase.
Thạch Sanh