tl;dr
SharpLink Gaming is raising $400 million to expand its Ethereum holdings beyond $3 billion by selling shares at $21.76 each to five institutional investors, with the deal closing expected by August 12. The company has raised nearly $900 million recently, reflecting strong investor confidence despite...
SharpLink Gaming is pushing forward with a $400 million capital raise aimed at expanding its Ethereum treasury. The publicly traded firm revealed plans to boost its total ETH holdings beyond $3 billion shortly after the fundraising round closes. SharpLink intends to sell shares at $21.76 each to five global institutional investors, with the sale expected to finalize on August 12, pending all closing conditions.
Joseph Chalom, SharpLink’s co-CEO, emphasized the rapid pace and scale of recent investments, highlighting increased investor confidence in both SharpLink and Ethereum's transformative potential. The company has amassed nearly $900 million over the past week, demonstrating strong momentum. Despite volatile trading, with SharpLink shares (SBET) dipping over 6.6% to close at $22.34 after earlier spikes, the stock remains up more than 17% over the week.
SharpLink’s fundraising effort aligns with a broader surge in Ethereum’s price and corporate treasury interest. Ethereum, the world’s second-largest cryptocurrency, has been experiencing a significant price rally, recently trading at around $4,220—up 13.5% in the past week and over 43% in the last month. This robust performance brings Ethereum within 13% of its all-time high near $4,878. Institutional holders, including firms like BitMine, EtherMachine, and Bit Digital, now hold billions in Ethereum, collectively approaching 10% of the total circulating supply.
The renewed enthusiasm for Ethereum follows a two-year lull despite a broader crypto market rally. Data from crypto-native prediction market Myriad shows that more than 75% of users believe Ethereum will exceed its previous record price before the year’s end. SharpLink’s latest capital infusion is part of its strategic plan to acquire 1% of Ethereum’s total circulation—approximately 1.2 million ETH. As of August 10, the firm holds roughly 598,800 ETH valued at over $2.5 billion.