Sharplink Gaming has picked up $ 200 million from institutional investors in a direct supply offer to further feed his Ethereum (ETH) buy Spree and take his interests more than $ 2 billion.
The financing round, which was expected to close on 8 August, was priced at $ 19.50 per share and led by AGP/Alliance Global Partners. Societe General acted as co-placement and Cantor Fitzgerald served as a financial adviser for the deal.
According to the announcement of 7 August, the proceeds from the increase will be used exclusively to acquire more Ethereum.
The increase will only be announced two days after Sharplink announced an acquisition of $ 304 million Ethereum in a SEC application, which revealed the purchase of 83,561 ETH at an average price of $ 3,638. That purchase brought the total ETH reserves of the company at 521,939 ETH, with a value of around $ 1.9 billion from the moment of the press.
Sharplink started building his ETH Treasury only two months ago, and quickly scaled his position quickly through more than $ 540 million in market sales (ATM) of equity.
In that short time, the company based in Minneapolis jumped 64 other companies to be followed the second largest company ETH holder followed by SER, a digital asset treasury data service.
Only Bitmine contains more, with 833.137 ETH with a value of almost $ 3 billion. Although the accumulation of bitmine was fast and wide, Sharplink has taken a more defined position, thereby informing Ethereum as an “infrastructure reserve”, a long-term foundation for exposure to the Defi-eco system.
The entire ETH of Sharplink is currently deported and has been generating more than $ 3.4 million in rewards since June. This expansion strategy introduces a composite dynamic: as the price of ETH and the yield of ETH rise, the rewards can be reinvested to further grow the treasury.
The ETH concentration of the company, defined as interests per 1,000 diluted shares, has increased by 83% in the same period, which reflects the impact of the treasury on equity.
Sharplink, rather focused on gaming and sports betting infrastructure, seems to have a rebranding around his ETH-Centric Treasury strategy. The relocation is in line with a growing trend at technology companies that use crypto reserves, not only as speculative games, but as cornerstones of long-term financial infrastructure for companies.
