SharpLink Gaming has raised $200 million from institutional investors in a direct stock offering to further fuel its Ethereum (ETH) buying spree and take its holdings beyond $2 billion.
The funding round, expected to close Aug. 8, was priced at $19.50 per share and led by A.G.P./Alliance Global Partners. Societe Generale acted as co-placement agent, and Cantor Fitzgerald served as financial advisor for the deal.
According to the Aug. 7 announcement, the proceeds from the raise will be used exclusively to acquire more Ethereum.
The raise comes just two days after SharpLink disclosed a $304 million Ethereum acquisition in an SEC filing, revealing the purchase of 83,561 ETH at an average price of $3,638. That buy brought the company’s total ETH reserves to 521,939 ETH, valued at roughly $1.9 billion as of press time.
SharpLink began building its ETH treasury only two months ago, rapidly scaling its position through more than $540 million in at-the-market (ATM) equity sales.
In that short time, the Minneapolis-based firm has leapfrogged 64 other companies to become the second-largest corporate ETH holder tracked by SER, a digital asset treasury data service.
Only BitMine holds more, with 833,137 ETH valued at nearly $3 billion. However, while BitMine’s accumulation was swift and broad, SharpLink has taken a more defined stance, framing Ethereum as an “infrastructure reserve,” a long-term foundation for exposure to the DeFi ecosystem.
All of SharpLink’s ETH is currently staked, generating more than $3.4 million in rewards since June. This staking strategy introduces a compounding dynamic: as ETH’s price and staking yields rise, the rewards can be reinvested to grow the treasury further.
The company’s ETH concentration, defined as holdings per 1,000 diluted shares, has increased by 83% over the same period, reflecting the treasury’s impact on shareholder equity.
SharpLink, previously focused on gaming and sports betting infrastructure, appears to be rebranding around its ETH-centric treasury strategy. The move aligns with a growing trend among tech firms using crypto reserves not just as speculative plays, but as cornerstones of long-term corporate financial infrastructure.