Sharplink Gaming raises another $400 million to increase the position in ETH! The goal is to hold more than 3 billion coins to join the "1% Supply Club," and the competition for ETH treasury among listed companies is heating up.

Online gaming marketer Sharplink Gaming ( NASDAQ: SBET ) announced a direct issuance of shares to five global investors through sign up, raising $400 million (at $21.76 per share), aiming to increase its total value of Ether ( ETH ) holdings to over $3 billion, targeting to hold about 1% of the ETH Circulating Supply. The news spurred its stock price to surge to $28.26 during trading. Currently, Sharplink holds 598,800 ETH (worth $2.5 billion), and if it adds an additional $200 million through the listing process, it will hit the 1% supply target. The publicly listed company's ETH treasury holdings have surged, with BitMine ( holding 1.2 million ), Bit Digital ( holding 1.12 million ), and EtherMachine ( holding 345,000 ) forming the first tier. Standard Chartered analysts predict that the publicly listed company will eventually control 10% of the ETH Circulating Supply.

[400 million fundraising aims at expanding the ETH treasury] The online gaming marketing company Sharplink Gaming (NASDAQ: SBET) announced the completion of a Registered Direct Offering:

• Fundraising Scale: 400 million USD.
• Issuance Price: $21.76 per share.
• Subscribers: 5 global institutional investors.
• Use of Funds: Significantly increase its Ethereum ( ETH ) Holdings, with the goal of raising the total value of holdings to over $3 billion, ultimately holding about 1% of the ETH Circulating Supply. Alliance Global Partners (AGP) serves as the exclusive placement agent for this issuance, with Cantor acting as the financial advisor. The transaction is expected to be completed on August 12, 2025, in strict compliance with the regulations of the Form S-3ASR that took effect on May 30, 2025 by the US SEC.

【Holdings Status and Expansion Path】

• Current Holdings: As of August 10, 2025, Sharplink holds 598,800 ETH, valued at over $2.5 billion based on the current price (approximately $4,229).
• Fundraising Increase: The 400 million USD raised this time will be directly used to increase Holdings in ETH.
• Potential Increment: The company revealed that an additional $200 million in funding (pending deployment) can also be obtained through the Market Program.
• Ultimate Goal: Accumulate approximately 1% of the total Circulating Supply of ETH, and become a member of the "1% Club."

【Market Reaction: Stock Price Fluctuations】 Affected by this news, Sharplink stock (SBET) on that day:

• Opening Price: 24 USD.
• Highest Price During Trading: $28.26 (significant increase).
• Closing Price: $22.76 , down 6.63% from the previous day. Despite the pullback on the day, its stock price has still accumulated a 17.55% increase over the past week, reflecting the market's overall optimism towards its ETH strategy. Co-CEO Joseph Chalom emphasized that the fundraising momentum of up to $900 million in the past week demonstrates investors' confidence in the company's ETH treasury strategy and Ethereum's long-term potential.

【Public Company ETH Treasury Competition Heats Up】 Sharplink's move is a microcosm of publicly traded companies actively building their ETH reserve strategies. With more and more public companies establishing ETH treasuries, a competition for Holdings has already begun:

• BitMine: Current holdings 1.2 million ETH (approximately $507 million).
• Bit Digital: Holdings 120,306 ETH (approximately $509 million).
• EtherMachine: Holdings 345,362 ETH (approximately 1.46 billion USD). These companies together form the first tier of the publicly listed companies' ETH Holdings.

[Institutional Outlook: Listed Companies May Control 10% of ETH Supply]

• ETH Price Performance: Current quote $4,229**, up 9.5% over the past week, skyrocketed 45.3% over the past month, with 13% room remaining to the historical high of ($4,878).
• Standard Chartered's Major Prediction: Analyst Geoff Kendrick predicts that the listed company's ETH treasury will ultimately control up to 10% of the total circulating supply of ETH.
  • Data Evidence: Strategic ETH data shows that public companies accumulated 1% of the ETH supply (worth $9 billion) in just two months.
  • Amazing Growth: Kendrick pointed out that since June, the ETH Holdings growth rate of companies like BitMine and Sharplink is twice that of Bitcoin (BTC) Treasury Company.
• Market Sentiment: On the prediction forum Myriad, at least 75% of users believe that ETH will break its all-time high before the end of the year.

【Strategic Motivations and Potential Risks】

• Sharplink Strategic Positioning: The company states that it will use ETH as a core reserve asset, which not only strengthens the balance sheet but also allows for deep participation and benefits from the growth of DeFi (Decentralized Finance) technology, making it a key part of its blockchain-based financial management.
• Institutional Entry Barriers: Kendrick also pointed out that the actual application thresholds of DeFi and regulatory uncertainty remain the main obstacles to broader institutional adoption.
• Analyst Risk Warning: Bernstein analysts warn that the liquidity issues and smart contract risks associated with staking and DeFi participation are also potential challenges facing the ETH treasury strategy.

[Conclusion: The Institutionalization Process of ETH Accelerates, the 10% Supply Control Rights Battle Begins] Sharplink Gaming has invested $400 million to increase its ETH holdings, pushing the public company's ETH treasury competition to a new high. It has clearly stated the goal of "holding 1% of the Circulating Supply", highlighting institutional confidence in Ethereum as a corporate reserve asset. Pioneers like BitMine, Bit Digital, and EtherMachine have established multi-billion dollar holding barriers. Standard Chartered's prediction that "public companies will ultimately control 10% of ETH supply" could fundamentally change the holding structure of ETH. Despite the challenges posed by the complexity of DeFi applications, the need for regulatory frameworks, and liquidity risks in staking, public companies are hoarding ETH at an astonishing pace, viewing it as a core asset for balancing their balance sheets and participating in the next generation of financial ecosystems. This institution-led competition for ETH supply will become a key variable affecting the long-term value of Ethereum.