SharpLink Gaming Inc., based in Minneapolis, has signed agreements with five major global investors to raise $400 million by selling shares directly at $21.76 each. A.G.P./Alliance Global Partners is handling the placement, and Cantor is advising on the deal. The transaction is expected to close around August 12, depending on standard conditions.
The company plans to use the money to grow its Ethereum holdings. SharpLink already owns about 598,800 ETH and has another $200 million ready to invest. With the new funds, it expects its total Ethereum position to be worth over $3 billion.
In the past week alone, SharpLink has raised nearly $900 million. Blockchain data shows the company recently added 5,226 ETH, worth about $23 million, bringing its total to just over 604,000 tokens. A separate SEC filing reveals that SharpLink may issue up to 18.4 million more shares, which could reduce the value of current shareholders’ stakes.
This move comes as more investors show interest in public companies that hold large amounts of crypto. Pantera Capital, a major venture firm, announced this week that it’s investing over $300 million in such businesses, reflecting growing demand for stock-based exposure to cryptocurrencies like Ethereum.