SharpLink Secures $400M Direct Offering to Expand Ethereum Treasury Beyond $3B

SharpLink Gaming, Inc. (Nasdaq: SBET) announced it has entered into securities purchase agreements worth an aggregate of $400 million with five institutional investors.

SharpLink’s ETH holdings expected to exceed $3B following $400M registered direct offering with institutional investorhttps://t.co/U1bU6UCHYf pic.twitter.com/uXZLNGIe9Q

In a press release the firm said the capital was raised through a registered direct offering priced at $21.76 per share, conducted at-the-market under Nasdaq rules.

The closing of the transaction is anticipated on or about August 12, 2025, pending the completion of customary closing conditions.

As of August 10, SharpLink reported its current Ethereum holdings stand at approximately 598,800 ETH. When combined with $200 million in at-the-market (ATM) proceeds yet to be deployed, the company projects that its ETH holdings will soon exceed $3 billion in value.

SharpLink is one of the largest corporate holders of Ethereum globally. The move comes during a period of heightened institutional interest in Ethereum, driven by its growing role in decentralized finance (DeFi), tokenization, and Web3 infrastructure.

Joseph Chalom, Co-Chief Executive Officer of SharpLink, said the latest fundraising marks a key milestone in the company’s Ethereum-focused strategy.

“Raising nearly $900 million in capital over the past week underscores the market’s confidence in SharpLink’s ETH treasury strategy,” Chalom states. “The speed and scale of these investments reflect not only investor trust in SharpLink, but also the growing recognition of Ethereum’s transformative potential.”

The company’s approach to building a Ethereum treasury mirrors the high-conviction accumulation strategies seen among other corporate adopters of digital assets, but with a concentrated focus on ETH rather than Bitcoin.

A.G.P./Alliance Global Partners is serving as the sole placement agent for the offering, while Cantor is acting as financial advisor to the company. SharpLink said it plans to leverage the proceeds to further expand its ETH holdings, strengthen its market position, and explore strategic initiatives within the Ethereum ecosystem.

By aligning itself with Ethereum’s long-term growth trajectory, SharpLink is positioning its balance sheet to benefit from the network’s continued adoption across global financial and technological sectors.

SharpLink embarked on its Ethereum treasury strategy in late May.

The move coincided with a $425 million private placement led by Consensys, the crypto infrastructure firm founded by Ethereum co-founder Joseph Lubin, who also took on the role of SharpLink’s chairman.

Beyond building its treasury, SharpLink has expressed its commitment to supporting Ethereum’s long-term strength and decentralization.

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