SharpLink Raises $200 Million to Expand Ethereum Reserves, Increasing Holdings by Nearly 22,000 Ether This Morning

SharpLink Gaming Announces Securities Purchase Agreement with Global Investors

SharpLink Gaming, a cryptocurrency financial company, announced on Thursday that it has signed a securities purchase agreement with four global institutional investors for a registered direct offering at a price of $19.50 per share, raising approximately $200 million.

SharpLink stated that the net proceeds from this funding will be used to expand its Ethereum (ETH) reserves, which are expected to exceed a total value of $2 billion after the investment. According to the latest data released on Tuesday, SharpLink currently holds 521,939 ETH.

Following this announcement, SharpLink’s stock price (ticker: SBET) initially dropped over 10% in pre-market trading but ultimately closed at $23.36, reflecting an increase of approximately 5.51%. Ethereum saw a 6.6% rise over the past 24 hours, returning to the $3,900 mark.

Over $80 Million Increase in Ethereum Holdings

According to data monitored by on-chain analyst Yu Jin, SharpLink earlier today increased its Ethereum holdings by 21,959 ETH, valued at approximately $83.96 million.

Yu Jin pointed out that since early June, SharpLink has been accumulating Ethereum using a micro-strategy operational model, having purchased a total of 568,000 ETH, which is valued at approximately $2.215 billion at the current price of $3,900 per coin. The average purchase price is about $3,137, resulting in a paper profit of $433 million.

According to data from strategicethreserve.xyz, SharpLink’s current Ethereum holdings rank second among publicly listed companies worldwide, only behind BitMine, a cryptocurrency financial company led by renowned analyst Tom Lee, which holds 833,137 ETH.