Ethereum (ETH) Whale Signal: SharpLink Gaming increased its holdings by 18,712 tokens, issuing capital to buy more ETH.

Ethereum (ETH) reported at 3,578 USD during the Asian early session today (18). SharpLink Gaming (SBET) has added 18,712 ETH to its Ethereum strategy reserves, worth 65.45 million USD. Currently, the company holds a total of 326,074 ETH, valued at approximately 1.14 billion USD.

According to the supplementary documents submitted to the U.S. Securities and Exchange Commission (SEC) on July 17, the Minnesota-based company SharpLink Gaming is currently the largest holder of Ethereum in the world, having increased the total value of its authorized shares to $6 billion.

This move aims to raise more funds to continue its large-scale ETH purchasing strategy. Previously, SharpLink only applied to issue up to $1 billion in stock on May 30. However, the revision on July 17 increased this figure to $6 billion, including the previously approved $1 billion and an additional $5 billion.

The company stated that according to the old prospectus, it has sold approximately $721 million worth of shares and still has the ability to issue another $279 million worth of shares during this window period. In addition, according to the updated prospectus, the company will also issue $5 billion in new shares.

SharpLink currently holds over 321,000 ETH, valued at approximately 1.1 billion USD as of July 16. It is currently the largest ETH holder in the world. The company's ETH accumulation strategy began in early June with a $425 million private fundraising led by Consensys. Notably, Consensys CEO and Ethereum co-founder Joseph Lubin has joined SharpLink as the chairman of the board.

Although this new investment amounts to 6 billion dollars, it is worth noting that the market capitalization of Ethereum is currently only about one-fifth of Bitcoin's. This means that, considering Ethereum's market cap and potential price pressure, purchasing 5 billion dollars worth of ETH could be equivalent to injecting 30 billion dollars into BTC.

Specifically, given that the current market value of ETH is about $420 billion, while the market value of BTC exceeds $2.3 trillion, every $1 invested in ETH will have a leverage effect 5 times that of BTC. This also explains why institutional investors are increasingly interested in Ethereum in this new phase.

Not only does SharpLink have new actions, but documents show that BlackRock has submitted an application to regulators, planning to add a staking feature to its Ethereum ETF.