The funding round, expected to close Aug. 8, was priced at $19.50 per share and led by A.G.P./Alliance Global Partners. Societe Generale acted as co-placement agent, and Cantor Fitzgerald served as financial advisor for the deal.
According to the Aug. 7 announcement, the proceeds from the raise will be used exclusively to acquire more Ethereum.
The raise comes just two days after SharpLink disclosed a $304 million Ethereum acquisition in an SEC filing, revealing the purchase of 83,561 ETH at an average price of $3,638. That buy brought the company’s total ETH reserves to 521,939 ETH, valued at roughly $1.9 billion as of press time.
SharpLink began building its ETH treasury only two months ago, rapidly scaling its position through more than $540 million in at-the-market (ATM) equity sales.
The company’s ETH concentration, defined as holdings per 1,000 diluted shares, has increased by 83% over the same period, reflecting the treasury’s impact on shareholder equity.
SharpLink, previously focused on gaming and sports betting infrastructure, appears to be rebranding around its ETH-centric treasury strategy. The move aligns with a growing trend among tech firms using crypto reserves not just as speculative plays, but as cornerstones of long-term corporate financial infrastructure.
