SharpLink plans $200 million treasury boost as ETH outperformance continues
Ethereum (ETH) is up 4% on Thursday following SharpLink Gaming's (SBET) $200 million stock offering, of which it intends to use the proceeds to purchase additional ETH.
SharpLink launches $200 million offering as ETH outperforms Solana
Ethereum treasury firm SharpLink Gaming revealed it entered into a purchase agreement with estimated gross proceeds of $200 million to increase its ETH acquisition.
The company stated it struck a deal with four institutional investors to purchase its shares in an at-the-market (ATM) offering priced at $19.50 per share.
"The net proceeds of the offering will be directed toward expanding SharpLink's ETH treasury, which upon deployment is expected to exceed $2.0 billion in value," SharpLink said in a statement on Thursday.
The offering follows SharpLink's $1 billion shelf registration with the Securities and Exchange Commission (SEC), which it later increased to $6 billion in July.
The Nasdaq-listed firm, which also doubles as an esports gaming company, began accumulating ETH in June after raising $450 million from a stock sale led by Ethereum infrastructure provider Consensys, whose CEO Joseph Lubin currently chairs SharpLink's board.
The company ranks second among corporate entities with Ethereum-focused treasuries after declaring holdings of 521,900 ETH in a statement on Tuesday. It trails Peter Thiel's backed BitMine Immersion (BMNR), which holds over 833,000 ETH.
Source: Fcstreet
