SharpLink Gaming Closes $400M Deal to Boost Ethereum Holdings Above $3B

SharpLink Gaming (NASDAQ: SBET), a sports betting marketing firm turned Ether treasury company, closed Monday’s trading session with losses after revealing a $400 million deal aimed at expanding its cryptocurrency holdings.

The company announced it had entered into a share purchase agreement with five global institutional investors. The proceeds will be used to boost its Ethereum (ETH) reserves, which are expected to exceed $3 billion in value once the transaction closes.

$400M Share Purchase Deal Finalized

SharpLink’s shares were sold at $21.76 each, generating a total of $400 million. The deal was scheduled to close on Tuesday, pending final conditions.

With Joseph Lubin, Ethereum’s co-founder, serving as chair, SharpLink now holds the second-largest ETH reserves among public companies. Its current strategy mirrors a growing trend of firms raising significant capital to buy crypto assets.

SharpLink Stock Drops, Then Rebounds After Hours

On Monday, SBET shares closed down 6.6% at $22.34 following the announcement. However, the stock gained 3.5% after hours, reaching $23.10.

This dip partially reversed the strong momentum SharpLink enjoyed over the past week, during which it climbed to a high above $28. Even so, the company remains up 17.5% in the last five trading days and 189% year-to-date since starting its Ether accumulation in May.

In mid-June, shares plunged 73% after hours due to a filing to potentially resell 58.7 million common shares. Lubin later clarified on X that the move was “standard procedure” and not cause for alarm.

Nearly 600K ETH in Holdings

As of Sunday, SharpLink Gaming holds 598,800 ETH, worth around $2.57 billion with Ether trading near $4,300. This puts it second only to BitMine Immersion Technologies, which holds over 1.15 million ETH worth nearly $5 billion.

Nearly $1B Raised in One Week

Over the past week alone, SharpLink has raised almost $900 million. Co-CEO Joseph Chalom said this “underscores the market’s confidence in SharpLink’s ETH treasury strategy” and reflects “growing recognition of Ethereum’s transformative potential.”

Recent capital raises include:

• $200 million share purchase deal on Thursday with four institutional investors.

• $264.5 million in net proceeds from an at-the-market offering on Aug. 5.

The company also reported having $200 million in unused at-the-market proceeds available for future investments.

Ethereum Price Momentum Continues

Ethereum (ETH) has surged 44.5% in the past 30 days, rising from under $3,000 to above $4,300 on Monday, according to CoinGecko. ETH is now just 12% below its all-time high of $4,878 set in November 2021.

While trading has been flat in the past 24 hours, analysts note that ETH’s recovery signals renewed bullish sentiment in the crypto market.

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