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