Sharplink Gaming Inc. has filed to sell up to $5 billion worth of additional common stock, primarily to fund the purchase of ether for its corporate treasury.
Sharplink Expands Stock Offering to $6B Total
The Minneapolis-based online gaming marketing company disclosed the plan in a Securities and Exchange Commission (SEC) filing this week. The new shares supplement an existing $1 billion stock sales program, raising the total potential offering under its agreement with sales agent A.G.P./Alliance Global Partners to $6 billion.
Sharplink has already sold shares worth approximately $720.8 million under the prior authorization. Sharplink further stated it intends to use “substantially all” cash proceeds from the new sales to acquire ethereum (ETH), the native cryptocurrency of the Ethereum blockchain.
The company adopted ETH as its primary treasury reserve asset in May, citing goals of diversifying reserves, enhancing capital efficiency, and aligning with emerging financial technologies. As of July 13, the firm told the SEC it held 280,706 ETH, with 99.7% deployed for staking rewards.
