SharpLink Gaming Announces Securities Purchase Agreement with Global Investors
Ethereum finance company SharpLink Gaming announced on Thursday that it has signed a securities purchase agreement with four global institutional investors, conducting a registered direct offering at a price of $19.50 per share, with a total fundraising amount of approximately $200 million.
SharpLink stated that the net proceeds from this fundraising will be used to expand its Ethereum (ETH) reserves, which are expected to exceed a total value of $2 billion after the investment. According to the latest data released on Tuesday, SharpLink currently holds 521,939 ETH.
Following the announcement, SharpLink’s stock price (ticker symbol: SBET) fell more than 10% in pre-market trading, ultimately closing at $23.36, an increase of approximately 5.51%. Ethereum rose 6.6% in the past 24 hours, returning to the $3,900 mark.
Increased Holdings of Over $80 Million in Ethereum
According to data monitored by on-chain analyst Yu Jin, SharpLink earlier today increased its holdings by 21,959 ETH, valued at approximately $83.96 million.
Yu Jin pointed out that since early June, SharpLink has been accumulating Ethereum through a micro-strategy operational model, having purchased a total of 568,000 ETH, which is valued at approximately $2.215 billion at the current price of $3,900 per ETH. The average purchase price was around $3,137, currently yielding a floating profit of $433 million.
According to data from strategicethreserve.xyz, SharpLink’s current Ethereum holdings rank second among publicly listed companies globally, only behind BitMine, an Ethereum finance company led by renowned analyst Tom Lee, which holds 833,137 ETH.
