I took a look, this wave of Ethereum micro-strategy SBET is priced at 19.5 per share, and has raised 200 million dollars from institutions, corresponding to the issuance of 10.26 million shares.

And this money will be fully used to purchase $ETH from the market.

Interestingly, this announcement did not specify who the investors are, but Société Générale from Europe is acting as the joint placement agent and revealed that they are globally renowned institutions.

It seems they want to learn from BMNR and bring in funds from traditional big players.