Shares of SharpLink Gaming (SBET) surged 5.14% in after-hours trading on Thursday, following two significant announcements that caught investors' attention. The company filed for a substantial stock offering and reported an increase in its Ethereum holdings, both of which appear to have fueled investor optimism.

According to a SEC filing, SharpLink Gaming has filed a prospectus supplement to increase its at-the-market offering to $6 billion, up from the previous $1 billion limit. This move signals the company's ambitious plans for expansion and capital raising. The offering includes up to $5 billion in new common stock and $1 billion under a prior prospectus. However, the issuance is contingent on shareholder approval to raise the number of authorized shares at a meeting scheduled for July 24, 2025.

Adding to the positive sentiment, blockchain monitoring service Arkham reported that SharpLink Gaming has further increased its Ethereum (ETH) holdings by $68.4 million. This addition, combined with the recent rise in ETH price, has pushed the company's total Ethereum holdings to an impressive $1.1 billion. SharpLink's strategic move to hold Ethereum as a reserve asset appears to be paying off, as it positions the company to benefit from the cryptocurrency's potential growth and staking rewards. The company's embrace of Ethereum aligns with a growing trend among some public companies to diversify their reserves with cryptocurrencies, following the success of Bitcoin reserve strategies employed by firms like MicroStrategy.