"Let's scoop up Ethereum"…Sharplink to raise stock issuance limit by 6 times

Sharplink Gaming will increase its stock issuance limit by six times compared to before and proceed with additional purchases of Ethereum (ETH).

According to The Block on the 17th (local time), Sharplink Gaming announced through a supplemental investment prospectus submitted to the U.S. Securities and Exchange Commission (SEC) that it would expand the limit for issuing common stock from the previously set $1 billion to $6 billion.

Sharplink explained, "We are amending the existing prospectus and adjusting the total amount of common stock available for issuance under the sales agreement to $6 billion," and added, "This consists of up to $1 billion under the original prospectus, plus an additional $5 billion under this supplement."

The company had previously already sold approximately $721 million worth of stock under the earlier prospectus. It further stated, "Under the previous prospectus, up to $279,166,115 of common stock can still be sold, and with the supplemental prospectus, an additional $5 billion can be issued."

It also announced, "Almost all of the proceeds raised from this will be used to purchase Ethereum," adding, "In addition, funds will be used for operating expenses and key partnership marketing."

Meanwhile, Sharplink Gaming currently holds 296,508 units of Ethereum. This amounts to approximately $1.03 billion as of today. Currently, Ethereum is trading at around $3,480 on the Binance Tether (USDT) market, which is up 3.5% compared to the previous day.