tl;dr
SharpLink Gaming has raised $200 million through a direct stock offering to increase its Ethereum holdings beyond $2 billion. The funding round, closing on August 8 with shares priced at $19.50, was led by A.G.P./Alliance Global Partners, with support from Societe Generale and Cantor Fitzgerald. The...
SharpLink Gaming has secured $200 million through a direct stock offering aimed at amplifying its Ethereum (ETH) holdings beyond the $2 billion mark. The funding round, set to close on August 8, priced shares at $19.50 and was spearheaded by A.G.P./Alliance Global Partners, with Societe Generale and Cantor Fitzgerald assisting as co-placement agent and financial advisor, respectively.
The newly raised capital is dedicated exclusively to acquiring additional Ethereum, reinforcing SharpLink’s aggressive expansion in crypto assets. This development follows closely on the heels of a $304 million Ethereum purchase disclosed just two days prior, involving 83,561 ETH at an average price of $3,638 and boosting SharpLink’s total ETH reserves to 521,939.
Since embarking on its Ethereum accumulation roughly two months ago, SharpLink has utilized over $540 million through at-the-market equity sales to rapidly build its position. This acceleration has vaulted the Minneapolis-based firm past 64 other companies, positioning it as the second-largest corporate Ethereum holder behind BitMine, which holds 833,137 ETH.
Unlike BitMine’s broad and swift acquisition strategy, SharpLink has strategically positioned Ethereum as an “infrastructure reserve,” underpinning long-term exposure to decentralized finance (DeFi). All of SharpLink’s ETH is currently staked, producing more than $3.4 million in rewards since June, benefiting from a compounding effect as both ETH prices and staking yields rise, allowing for reinvestment into the treasury.
The company’s ETH holdings per 1,000 diluted shares have surged by 83%, underscoring the growing influence of its crypto treasury on shareholder equity. Transitioning from its prior focus on gaming and sports betting infrastructure, SharpLink is clearly rebranding itself around its Ethereum-centric treasury strategy, reflecting a broader corporate trend where tech firms treat cryptocurrency reserves as foundational financial assets rather than mere speculative investments.