SharpLink stock fluctuates sharply after $400 million fundraising agreement for Ethereum treasury

SharpLink Gaming, an online betting marketing company, is raising an additional $400 million to bolster its Ethereum treasury ($ETH ). The company expects the total amount of ETH held to soon exceed $3 billion.

Record fundraising pace

SharpLink plans to sell shares to 5 global institutional investors at $21.76 per share. With this agreement, the company has raised nearly $900 million in just one week, demonstrating strong investor confidence in the potential of Ethereum.

Despite the impressive fundraising pace, the stock price of #SharpLink has fluctuated sharply during the day, ending the trading session down 6.6% at $22.34.

Institutional accumulation trend of Ethereum

SharpLink's move comes amid a significant rise in Ethereum prices and an increasing trend of public companies accumulating ETH. According to an analyst from Standard Chartered, Ethereum treasuries could soon hold up to 10% of the total circulating supply of ETH.

With the goal of accumulating 1% of the total circulating supply of Ethereum, equivalent to over 1.2 million ETH, SharpLink is asserting its position in this new wave of investment. #anhbacong