SharpLink Gaming Attracts Institutional Backing for Ethereum Push
SharpLink Gaming (NASDAQ: SBET), the gaming company-turned-Ethereum (ETH) treasury powerhouse, is making headlines again with a bold $200 million raise through an institutional stock purchase agreement. The move is part of SharpLink’s aggressive strategy to become one of the largest publicly traded holders of ETH.
Led by Joe Lubin, founder of Consensys, SharpLink is working with four unnamed institutional investors who have agreed to purchase SBET shares at $19.50 per share in an at-the-market offering. The deal is expected to close this week.
ETH Treasury Value Set to Surpass $2 Billion
The net proceeds from this offering will go directly into SharpLink’s ETH treasury, which is projected to exceed $2 billion in value upon deployment. This follows the firm’s recent expansion of its SEC shelf registration from $1 billion to a whopping $6 billion in July, allowing greater flexibility to issue equity and debt for crypto purchases.
Notably, Joseph Chalom, a former BlackRock executive, joined SharpLink in July as co-CEO, tasked with driving its Ethereum-focused strategy forward.
Crypto Giants Among Previous Backers
The company has garnered attention from top names in crypto finance. Arrington Capital, Consensys, Electric Capital, Galaxy Digital, Pantera Capital, and ParaFi Capital are just a few of the notable firms that previously backed SharpLink’s stock offerings.
Alliance Global Partners is leading the placement for this latest round, with Societe Generale co-placing and Cantor acting as financial advisor.
As of now, Ethereum (ETH) is trading at $3,855.14, up more than 7% on the day, according to The Block’s price page—adding even more excitement to SharpLink’s bold ETH play.
