SharpLink raises $200 million to expand ETH treasury, targeting over $2 billion

Publicly listed gaming company SharpLink Gaming (ticker: SBET), now repositioned as an Ethereum treasury play under the leadership of Consensys founder Joe Lubin, has signed an agreement with four institutional investors to raise $200 million through an at-the-market stock offering at $19.50 per share.

The proceeds will be used to purchase additional Ethereum (ETH), with the company projecting its ETH treasury to exceed $2 billion upon full deployment. The deal is expected to close within the week.

SharpLink has become one of the largest publicly traded holders of ETH, part of a broader trend of "crypto treasury" firms that emerged earlier this year. In July, former BlackRock executive Joseph Chalom joined as co-CEO to spearhead the company’s ETH strategy.

Previously, SharpLink filed with the SEC to raise $1 billion through shelf registration, which was increased to $6 billion in mid-July to expand capital-raising capacity via equity and debt issuance.

Alliance Global Partners is the lead placement agent for the current round, with Societe Generale serving as co-placement agent and Cantor as financial advisor.