A surprising move by SharpLink Gaming is shaking up the cryptocurrency world. The U.S. company just announced a plan to sell shares worth $200 million. This money will bulk up its Ethereum (ETH) reserves.
Four anonymous institutional partners have agreed to buy SharpLink common shares. They will pay $19.50 per share. This deal is expected to close around August 8, 2025. It still depends on the usual closing conditions.
This move continues SharpLink’s bold new direction. The company was once known for marketing software and iGaming. But in June, it shifted its focus. SharpLink decided to build a treasury heavily invested in Ethereum.
Joseph Lubin, a co-founder of Ethereum, is strongly backing SharpLink’s ambitions. He is also the founder and CEO of Consensys. Lubin joined SharpLink’s board as chairman back in May. The funds raised from this latest share offering will directly expand the company’s ETH holdings. SharpLink expects its corporate ETH stash to top $2 billion once these plans are fully in place.
SharpLink Fuels ETH Purchases Through Share Sales
This year, many companies, both public and private, have jumped into the crypto game. They want to hold digital currencies as their main treasury assets. It’s a bit like following MicroStrategy’s playbook, which owns the world’s largest Bitcoin treasury. While many firms have picked Bitcoin, a growing number are choosing Ethereum (ETH).
SharpLink is one of these companies betting big on Ethereum. Like others pursuing this strategy, it’s raising capital by selling common shares and offering debt to investors. These funds will help finance its multi-billion dollar ETH purchases. The Minnesota-based company first filed with the U.S. Securities and Exchange Commission (SEC) for a $1 billion share offering. That amount was later increased to $6 billion in mid-July.
Joseph Chalom, SharpLink’s co-CEO, expressed his enthusiasm. “SharpLink is proud to have globally recognized institutional investors,” he stated today. “This strengthens our current investor base. It also confirms our goal to be the world’s leading ETH treasury.”
The Block previously reported on SharpLink’s past share offering supporters. These include major crypto firms such as Arrington Capital, Consensys, Electric Capital, Galaxy Digital, GSR, Hivemind Capital, Ondo, Pantera Capital, ParaFi Capital, Republic Digital, and White Star Capital.
SharpLink now holds about 521,900 ETH. This is currently worth roughly $1.9 billion. This places SharpLink among the largest publicly traded Ethereum holders. Only BitMine holds more, with over 833,000 ETH. This data comes from Strategic ETH Reserve.
Edited image from Unsplash