Written by: Zz, ChainCatcher

Editor: TB, ChainCatcher

On July 15, 2025, an astonishing piece of news shocked the market: the game company SharpLink, on the verge of delisting, announced that it would buy $413 million worth of Ethereum with all the funds raised in a week. The capital market responded with the most fervent reaction—according to Investing and Nasdaq data, its stock price skyrocketed 528% in six months, soaring over 150% in a single month.

However, SharpLink's comeback story is just the tip of the iceberg. Almost simultaneously, a broader capital alchemy is quietly unfolding across different industries: a traditional consumer goods company (Upexi), through clever bond design, effortlessly incorporates SOL tokens into its reserves; a crypto mining giant (Bitdeer) successfully connects with traditional Wall Street capital; and a cutting-edge Canadian tech company (BTQ) utilizes regulatory loopholes to raise tens of millions from American investors.

From near-delist 'junk stocks' to robust consumer brands, from crypto-native enterprises to cross-border tech newcomers. When people try to find the backstage manipulator, the spotlight does not shine on Goldman Sachs or JPMorgan, but on a mid-sized investment bank that was previously not prominent in the public eye: A.G.P. (Alliance Global Partners)

As the operator or key participant in all these transactions, A.G.P. has played this model to perfection. Just on the SharpLink project alone, based on its commission rate, it earned possibly over $8 million in commissions in just one week, and this is merely the beginning of its massive $6 billion plan.

When Wall Street giants are building compliance bridges for institutional clients, A.G.P. took a more aggressive track: transforming a variety of listed companies into 'crypto proxy stocks' and sitting at the table, becoming the one who designs the game rules.

Bulk operation of SharpLink and other US-listed companies' crypto vault construction

A.G.P. demonstrates its trading methods through four cases. Its model is not a standardized strategy but highly customized: it assesses customer pain points and market hotspots, flexibly applies tools like the ATM protocol to design charging schemes that maximize its own benefits for each transaction.

The most typical case is SharpLink. On May 27, 2025, SharpLink announced that it had completed $425 million in private financing, led by Consensys, with Ethereum founder Joseph Lubin serving as chairman. According to the 8-K document, A.G.P. served as the exclusive placement agent, earning a 5-7% underwriting fee. However, the real main course is the following ATM protocol.

Here, it is necessary to explain the subtlety of the ATM protocol. Traditional stock issuances are like pouring a large bucket of water into the market, inevitably leading to a sharp drop in stock prices. The ATM protocol is completely different; it is like installing a smart faucet for the company: when stock prices rise, the investment bank accelerates the flow, selling millions of shares in a single day; when prices pull back, it immediately turns off the faucet or slows down the issuance, waiting for a better opportunity; the company management can decide at any time to pause or restart the entire plan.

Specifically, the core of the ATM protocol is batch directed issuance. Unlike traditional issuances that require a one-time determination of price and quantity, the ATM allows companies to raise funds in batches under the best market conditions. Each issuance is controlled to within 1-2% of daily trading volume, which hardly attracts market attention. This high-throw-low-stop strategy protects stock prices while maximizing financing efficiency.

From the perspective of the fee structure, according to the S-3/A document dated June 14, A.G.P. will charge fees for the $6 billion ATM allocation in three tiers: 2.5% for the first $1 billion, 2.0% for the next $1 billion, and 1.75% for the subsequent amounts. Calculating an average of 2.1%, A.G.P. could earn about $126 million from this. This mechanism creates a bundling of interests: A.G.P. has the incentive to maintain stock prices for continuous issuance, while SharpLink gains a long-term stable source of financing.

In addition to SharpLink, another innovative case for A.G.P. is Upexi. On July 17, A.G.P. designed a $150 million convertible bond for consumer goods company Upexi. Investors use SOL tokens as collateral to purchase bonds, enjoying a 2.0% annual interest rate while obtaining the right to convert into stocks at $4.25. In this way, for Upexi, it is equivalent to obtaining SOL reserves at a low cost, raising funds while catching the crypto express. Crypto funds holding SOL lock in opportunities in the traditional stock market. A.G.P., as the exclusive placement agent, earns underwriting fees from this transaction.

Equally noteworthy is that on June 18, A.G.P. participated as a co-manager in the issuance of $330 million convertible bonds for crypto mining company Bitdeer Technologies. By servicing industry enterprises, A.G.P. not only earns direct underwriting income but also establishes its position in the niche market of crypto mining financing.

The situation of BTQ Technologies, a post-quantum cryptography company, further demonstrates A.G.P.'s regulatory arbitrage capabilities. On July 11, through the use of the Canadian LIFE exemption mechanism (which simplifies approval for small-scale financing), A.G.P. raised CAD 40 million for this company from American investors. In return, A.G.P. received a 7% cash commission and warrants equivalent to 2.5% of the financing amount. This cross-border regulatory arbitrage brought a total return rate close to 10%, far exceeding the 5-7% commission level of traditional IPO business.

A.G.P. has a golden finger

A.G.P.'s business model is not a simple and crude copy-paste, but rather like an experienced hunter, selecting the most precise and effective 'weapons' for different types of 'prey' and their respective environments. The choice of each case is tightly coupled with its unique financial solution design.

SharpLink is on the brink of despair. Its business income has plummeted, and its stock price is sluggish; it is a typical company that urgently needs 'radical medicine' to survive. For such targets, both management and shareholders have the highest acceptance of aggressive solutions and are willing to exchange high commissions for a glimmer of hope, which provides A.G.P. with the greatest operational and profit space.

SharpLink's transformation requires a continuous, self-reinforcing story. One-time traditional issuances cannot achieve this. The flexibility of the ATM (At-The-Market) protocol allows A.G.P. to turn financing actions into a series: 'announce buying coins to boost stock prices, then immediately sell stocks at high prices in the secondary market; after raising money, buy coins again and push up stock prices'—the cycle of 'financing - buying coins - stock price increase' can only be perfectly realized with the ATM, turning the company into a 'perpetual cash machine' under A.G.P.'s control.

Upexi is a traditional consumer goods company and not a distressed enterprise. It was chosen to prove that A.G.P.'s model can empower any robust company eager for a 'crypto narrative', thereby greatly broadening its business boundaries.

Traditional companies are hesitant to directly use cash reserves to purchase high-volatility crypto assets. A.G.P.'s design of SOL token collateralized convertible bonds: Simply put, A.G.P. brought in a group of wealthy crypto funds to buy Upexi's bonds with $150 million in cash. The clever part is that these funds must also put up their own SOL tokens as additional collateral.

For Upexi, having an extra $150 million in cash and being able to say 'we have SOL reserves' makes the stock story sound much better, all without spending a dime. For crypto funds, their calculation is 'guaranteed interest, waiting for a surge'. They first secure a 2% stable annual interest, with the real goal being to wait for Upexi's stock price to skyrocket and then exchange bonds for stocks at the agreed low price of $4.25 and sell high for a big profit.

And what about A.G.P.? It is the one who 'sets the stage'. Whether Upexi's stock price rises or falls, it, as the intermediary, has already pocketed a substantial underwriting fee.

Bitdeer Technologies itself is a giant in crypto mining and lacks a crypto story. A.G.P.'s choice of it is to demonstrate that it can not only transform 'outsiders' but also serve 'insiders', acting as a 'bridge' connecting the crypto world with traditional capital on Wall Street.

For crypto-native enterprises like Bitdeer, the core pain point of their financing needs is obtaining the 'trust endorsement' from traditional financial markets. A.G.P. participated in the issuance of its convertible bonds as a co-manager, effectively using its reputation as a licensed investment bank to enhance Bitdeer's credibility, making it easier to gain recognition and funding from mainstream institutional investors. This move aims to establish A.G.P.'s authoritative position in the core track of financing for crypto infrastructure.

The key feature of BTQ Technologies, a Canadian post-quantum cryptography company, lies in its 'non-US' jurisdiction. A.G.P.'s choice of it aims to showcase its ability to navigate complex cross-border regulations, a highly specialized skill with significant barriers to entry.

Because directly allowing American capital to invest in a small Canadian tech company is cumbersome. A.G.P. precisely utilized the Canadian LIFE exemption mechanism as a regulatory shortcut, allowing it to bypass the complete prospectus requirement and quickly and cost-effectively bring in American capital for BTQ. This is essentially a clever 'regulatory arbitrage', where A.G.P., with its mastery of financial rules across different countries, created excess returns and efficiency that traditional IPOs cannot match.

Behind the gold rush: Wall Street's thirst for money and radical change

In the macroeconomic environment of the post-pandemic era, traditional small and mid-cap companies generally face growth bottlenecks. When improving core business through traditional pathways becomes exceptionally difficult, they urgently need a new story that can instantly ignite market enthusiasm. Cryptocurrency, particularly Ethereum and Bitcoin, offers the most appealing and easily understood 'growth narrative' in the current capital market.

Rather than spending years on a difficult business transformation, it is more effective to directly announce the purchase of cryptocurrencies—this radical 'balance sheet revolution' can reshape an ordinary company into a tech pioneer overnight, which is the fundamental driving force behind the rise of the token-stock linkage model.

The core contradiction in the current market lies in the significant time lag between the actions of regulatory agencies (such as the US SEC) and the speed of market speculation.

Indeed, agencies like the SEC have repeatedly expressed 'serious concerns' about issues such as large-scale shareholder dilution, misleading marketing, and potential market manipulation. However, these warnings in the first half of 2025 mostly remained at the level of risk alerts and framework discussions, and have yet to be transformed into specific, executable regulations that can comprehensively prohibit such operations.

From issuing warnings to legislation and then to effective execution, there is a long process. It is precisely this regulatory vacuum period that investment banks like A.G.P. have keenly captured, becoming a fleeting golden window in their eyes. Rather than being 'committing crimes in defiance', it is more about 'harvesting the last wave of dividends before the storm arrives'.

The strategies of market participants perfectly confirm that everyone is accelerating their pace before this wave's window closes:

As a pioneer, A.G.P. understands that this feast has a time limit. Therefore, it is rapidly expanding its ATM protocol business at an unprecedented speed, extending its client base from tech companies to broader traditional industries such as retail, manufacturing, and biotechnology. Its logic is very clear: complete as many transactions as possible before the regulatory 'gates' close and secure profits.

When institutions like B. Riley Securities and TD Cowen set up dedicated teams to enter the market, it precisely indicates that all of Wall Street has realized that this is a special period where 'what is not prohibited by law is allowed'. The first-mover advantage is fading; the commission rates may decrease due to competition, but the certainty of this wave of dividends attracts everyone.

Upgrades and Risks: The 'Noah's Ark' during the storm?

When the crypto market enters a bear market, or when regulatory blows finally fall, this celebration supported by leverage and narrative will come to an end. At that time, a perfect storm will form with dried-up financing channels, substantial asset devaluation, stock price crashes, and collective lawsuits.

Betting A.G.P.'s future simply on the current success or failure of the token-stock linkage may underestimate the core capabilities of this investment bank. Reviewing its operational cases reveals that A.G.P.'s real 'golden finger' is not a magic that turns stones into gold, but a replicable and highly flexible methodology.

For A.G.P., the real 'Noah's Ark' is not a specific asset or business, but the methodology itself. When the wave of 'token-stock linkage' recedes, it will almost inevitably apply this approach to the next opportunity, whether it be the tokenization of real-world assets (RWA), carbon credits, or any other new field with 'narrative potential' and 'regulatory ambiguity'.

Data from S3 Partners shows that the short interest in SharpLink has surged 300% over the past month, indicating that 'smart money' has caught wind of the danger and is quietly retreating before the countdown ends, betting on the ultimate collapse of this frenzy.

In conclusion

A.G.P.'s story is a microcosm of Wall Street seeking survival space in the new era. This mid-sized investment bank has carved out a unique track through market positioning and a guaranteed profit model amidst the giants.

However, the token-stock linkage model walks the edge of opportunity and risk, innovation and speculation. For investors, understanding who the real winners are is more important than participating in the game itself.

As the iron law of Wall Street shows: in financial markets, those who design the game rules are always the ones who make a steady profit.