Sharplink Gaming, an online gaming marketing platform, has announced a new capital raise of $400 million through the sale of shares to five global investors at $21.76 per share. The goal is to expand its ETH holdings beyond $3 billion, representing approximately 1% of the total Ethereum supply.
Share Price Surge and Rapid Capital Raise
The sale is being managed by Alliance Global Partners (AGP) as the exclusive placement agent, with Cantor Fitzgerald serving as financial advisor. The transaction, set to close on August 12, 2025, is being conducted under the S-3ASR filing approved by the SEC in late May.
Sharplink shares spiked intraday to $28.26 before closing at $22.76. On a weekly basis, however, they remain up 17.55%.
As of August 10, 2025, the company held 598,800 ETH worth over $2.5 billion, and with this new capital—along with a potential additional $200 million from its market program—it aims to reach $3 billion in Ethereum holdings.
“Recent fundraising momentum, which reached $900 million last week, shows investor confidence in our strategy and Ethereum’s long-term potential,” said co-CEO Joseph Chalom.
Institutions Racing to Accumulate ETH
Sharplink is not alone in its aggressive Ethereum accumulation strategy. BitMine currently holds 1.2 million ETH, EtherMachine owns 345,362 ETH, and Bit Digital holds 120,306 ETH. Analysts at Standard Chartered forecast that public treasury companies could eventually hold up to 10% of the total ETH supply.
Ethereum is currently trading at $4,229, up 9.5% over the past week and 45.3% over the past month, yet still around 13% below its all-time high of $4,878.
ETH Treasury Firms Outpacing Bitcoin Holdings
According to Geoff Kendrick of Standard Chartered, since June, companies like BitMine and Sharplink have been growing at twice the rate of Bitcoin-focused treasury firms. The primary appeal for institutions lies in Ethereum’s DeFi utility and strategic blockchain integration, though regulatory uncertainty remains a notable drawback.
Sharplink has incorporated blockchain-based financial management into its corporate strategy. Its executives state that holding ETH as a primary financial asset strengthens the company’s balance sheet and aligns it with the growth of the DeFi sector.
Risks Remain
Analysts at Bernstein caution that treasury companies face risks tied to liquidity, smart contract vulnerabilities, and staking. These factors, they warn, could slow the expansion of institutional ETH holdings.
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