SharpLink amends sales agreement to raise $5B for Ethereum purchases
The gaming firm expands its at-the-market offering to $6 billion, aiming to significantly increase ETH holdings and fuel its crypto gaming strategy.
Key Takeaways
- SharpLink amended its sales agreement to increase its equity offering from $1B to $6B, adding $5B in new capacity.
- Proceeds are earmarked primarily for Ethereum purchases, building on SharpLink’s recently launched ETH treasury strategy.
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SharpLink Gaming has filed to raise up to $5 billion through an amended stock sales agreement, with plans to allocate most of the proceeds toward Ethereum purchases.
According to the July 17 prospectus supplement, SharpLink amended its existing sales agreement with A.G.P./Alliance Global Partners to boost the total offering from $1 billion to $6 billion.
The additional $5 billion will be sold through the same at-the-market structure, allowing for flexible equity sales based on market conditions.
The company stated it intends to contribute “substantially all” of the proceeds from this offering to acquire ETH. Funds will also be used for general working capital, operating expenses, and affiliate marketing operations.
This follows SharpLink’s launch of an Ethereum treasury strategy in early June, during which it accumulated over 280,000 ETH and deployed nearly all of it into staking activities. As of July 11, the company had earned 415 ETH in staking rewards.
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