SharpLink Gaming, Inc. said Thursday it has entered into securities purchase agreements with four institutional investors in a registered direct offering expected to raise approximately $200 million.
The deal, priced at $19.50 per share under Nasdaq rules, is scheduled to close on or about Aug. 8, subject to customary conditions. The company trades on the Nasdaq under the ticker SBET.
Proceeds to Bolster Ethereum Holdings
SharpLink said net proceeds from the offering will be used to increase its holdings of Ether, the cryptocurrency that operates on the Ethereum blockchain. The company expects its ETH treasury to exceed $2 billion in value once the funds are deployed.
The move aligns with SharpLink’s stated strategy of maintaining one of the largest corporate reserves of Ether. The firm has positioned itself as an advocate for wider adoption of the Ethereum network in various industries.
Placement Agents and Regulatory Filings
A.G.P./Alliance Global Partners is serving as lead placement agent for the offering, with Societe Generale acting as co-placement agent. Cantor is serving as financial advisor to SharpLink.
The offering is being conducted under an effective shelf registration statement on Form S-3ASR, which was declared effective by the U.S. Securities and Exchange Commission on May 30. A prospectus supplement and related documents will be filed with the SEC and made available through its public website.
SharpLink emphasized that the announcement does not constitute an offer or solicitation to sell securities in jurisdictions where such activity would be unlawful.
