SharpLink Gaming raises $400 million in direct offering

SharpLink Gaming Inc. (NASDAQ: SBET) announced it entered into securities purchase agreements for $400 million with five institutional investors through a registered direct offering.

The Minneapolis-based company priced the offering at $21.76 per share, which represents at-the-market pricing under Nasdaq rules. The transaction is expected to close on or about August 12, 2025, subject to customary closing conditions.

SharpLink reported holding approximately 598,800 ETH as of August 10, 2025. The company stated that combined with the new funding and approximately $200 million in at-the-market proceeds not yet deployed, its ETH holdings are expected to exceed $3 billion in value.

"Raising nearly $900 million in capital over the past week underscores the market's confidence in SharpLink's ETH treasury strategy," said Joseph Chalom, co-chief executive officer of SharpLink.

A.G.P./Alliance Global Partners served as the sole placement agent for the offering, while Cantor acted as financial advisor to the company.

The offering was conducted pursuant to an effective shelf registration statement on Form S-3ASR that was declared effective by the Securities and Exchange Commission on May 30, 2025.

SharpLink describes itself as adopting Ether as its primary treasury reserve asset. The company also operates in online gaming and is headquartered in Minneapolis, Minnesota.

The information is based on a company press release statement.

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