SharpLink Raises $200M to Push Ethereum Treasury Beyond $2B

- Secures $200 million stock offering with institutional investors. - Aims to use proceeds to expand its Ethereum treasury beyond $2 billion. On August 7, 2025, a GlobeNewswire press release announced that SharpLink Gaming, Inc. (Nasdaq: SBET), a leader in Ethereum treasury accumulation, entered into agreements with four global institutional investors for a registered direct offering of approximately $200 million in common stock, priced at $19.50 per share. SharpLink expects the deal to close on or around August 8, 2025. The company will use the net proceeds from this offering to expand its Ethereum holdings. As one of the largest corporate holders of Ether (ETH), SharpLink currently holds over 521,939 ETH, valued at nearly $1.9 billion based on early August 2025 prices. The company expects this new capital to increase its Ethereum treasury to over $2 billion in value. Additionally, as part of its long-term strategy, SharpLink aims to build a 1 million ETH treasury and will leverage its holdings for staking to generate yield through Ethereum’s proof-of-stake mechanism. Several financial firms are managing the direct offering. A.G.P./Alliance Global Partners serves as the lead placement agent, Societe Generale acts as co-placement agent, and Cantor Fitzgerald is a financial advisor to SharpLink Gaming. The announcement follows both a significant increase in the company’s authorized shares earlier this year and the strategic appointment of former BlackRock executive Joseph Chalom as Co-CEO to oversee its Ethereum-focused initiatives. SharpLink Gaming's aggressive ETH acquisition strategy reflects a growing trend where institutional firms leverage equity sales to gain cryptocurrency exposure. Analysts note that Ethereum treasury firms are becoming popular alternatives to U.S. spot ETFs for institutional investors. These firms provide direct ownership of crypto-assets along with staking rewards, and SharpLink’s focus on using its treasury for staking and potential decentralized finance (DeFi) applications underscores its commitment to Ethereum adoption. Following the announcement, SharpLink’s stock declined, reflecting mixed market sentiment about using equity funding for cryptocurrency acquisitions. According to CoinMarketCap, Ethereum (ETH) traded at $3,841.26 as of 16:09 UTC on August 7, while its 24-hour trading volume increased by 4.83%.