SharpLink Adds $1.1B ETH, Plans $6B Stock Sale

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Good Morning.

Total crypto market capitalization soared past $4T for the first time ever, a milestone that’s as symbolic as it is structural. This isn't just another bull cycle peak. It’s a reset of how crypto fits into global finance.

In Today's Email:

• What Matters: SharpLink Adds $1.1B ETH, Plans $6B Stock Sale 👀 

• Founders Highlight: Jesse Pollack of Base 👨 

• Deal Flow: XMTP’s $20M Series B 💰️ 

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WHAT MATTERS

SharpLink Adds $1.1B ETH, Plans $6B Stock Sale

State of play: SharpLink Gaming (Nasdaq: SBET) has further solidified its position as the largest corporate holder of Ethereum, purchasing an additional 32,892 ETH (worth $118.8M) on July 17.

• The acquisitions, 18,712 ETH from Galaxy Digital and 14,180 ETH from Coinbase Prime, bring its total holdings to over 353,000 ETH, valued around $1.1B.

• This aggressive buying follows a major strategic pivot backed by a $425M private placement led by Consensys in June.

• Ethereum co-founder and Consensys CEO Joseph Lubin has since joined SharpLink’s board as chairman.

To fund its ETH accumulation, SharpLink has updated its SEC prospectus, increasing the amount of common stock available for sale from $1B to $6B.

• So far, the company has sold $721M worth of shares and may sell up to $5.27B more under the new filing.

• Despite the aggressive strategy, SharpLink’s stock (SBET) closed down 2.62% at $36.40 on July 17.

• However, it's still up 96.96% over the past five days and 373.96% year-to-date. ETH, meanwhile, is trading around $3,412 with a 24-hour volume of $42.9B.

What’s next: SharpLink is likely to keep buying ETH aggressively using proceeds from its expanded $6B stock sale, reinforcing its long-term Ethereum strategy.

For builders and investors: SharpLink’s move signals strong institutional confidence in Ethereum. It could fuel ecosystem development and price momentum, though stock dilution and market volatility remain risks to monitor.

BUILDER-INVESTOR HIGHLIGHT

Jesse Pollack of Base

Intro: Jesse Pollack is the creator and head of Base, an Ethereum Layer-2 (L2) blockchain developed by Coinbase to improve Ethereum's scalability and reduce transaction costs.

• Jesse is also the head of Coinbase Wallet.

Previous background: Before creating Base, Jesse co-founded Clef, a passwordless 2FA startup used by 200,000 sites, later acquired by Twilio. He joined Coinbase in 2021 to lead protocol integration, helping bring decentralized tech into Coinbase’s products.

The big idea: Jesse, through Base, aims to transform Coinbase from just a centralized exchange into a major onchain player by launching its own Ethereum Layer 2 (L2) network.

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INSIGHTS

From Liquor Firm to Crypto Treasury

State of play: Robert Leshner, founder of Compound and Superstate, attempted a hostile takeover of liquor firm LQR House (YHC) to transform it into a crypto treasury.

• After acquiring 56.9% of shares, his stake was diluted to 8.7% via a “poison pill” equity issuance.

• Though Leshner has abandoned his bid for control, LQR House announced plans to adopt a crypto-focused strategy.

• The strategy includes BTC purchases and mining infrastructure investments with Bitmain and Polaris Capital.

• The firm now has $20M in new capital to pursue this pivot.

• Leshner will continue advising on its blockchain initiatives.

DEAL FLOWS

XMTP’s $20M Series B

Deal flows soared this week - we saw $1.3B in deals 💼 

XMTP has raised $20M in a Series B funding round to accelerate its mission of creating the most secure and decentralized messaging protocol on the internet.

• The company aims to support messaging across any identity and digital ecosystem, enabling devs to build privacy-focused communication apps.

• The round was led by prominent backers, including Union Square Ventures (USV), known for its early support of Ethereum and Coinbase.

• With this funding, the team plans to expand developer tools, grow adoption, and further push the boundaries of how secure communication works in web3.

Deal flows in the past week:

• Function ƒBTC, $10M Seed Round

• Dakota, $12.5M Series A Round

• Spiko, $22M Series A Round

• XMTP, Series B Round

• Polytrade, $6M Strategic Round

• Vaultz Capital, $1.3M Equity Round

• BTC Digital, $6M Equity Round

• The Blockchain Group, $6.95M Equity Round

• Two Prime, $20M Equity Round

• Upexi, $50M Private Equity Round

• Plasma, $50M Public Token Sale

• pump.fun, $400M Private Token Sale

• pump.fun, $600M ICO Round

• Upexi, $150M Convertible Note Issuance

QUICK BITES

• SharpLink adds $118M worth of ETH.

• Ethereum ETF holdings hit ATH near 5M ETH.

• Tether's USDT sets new record market cap above $160B.

• Solana ETF stakes claim with $222M in volume since making debut.

• Russia sets 2026 launch date for digital ruble as public remains wary.

• SharpLink moves to sell $5B of common stock to fund ETH purchases.

• OG whale moves remaining 40,191 BTC to Galaxy Digital for potential sale.

• Leshner’s takeover bid for liquor firm thwarted, crypto pivot moves ahead.

• Trump Jr’s Thumzup Media gets board approval for $250M crypto treasury.

• US House sending stablecoin GENIUS act to Trump's desk, Clarity to Senate.

• Crypto mcap tops $4T for the first time, solidifying major asset class position.

• Trump eyes executive order to allow crypto and gold in 401(k) retirement plans.

NOTEWORTHY READS

• Pvp Trade’s read on $10K ➝ $1M in just 6 months.

• 100y.eth’s read on What Would Stripe L1 Look Like?

• Kairos research’s read on how much is just ETF buys vs. CME shorts?

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.