MEXCSharpLink’s Ethereum Treasury to Surpass $2 Billion Following $200M Raise
Highlights
- SharpLink plans to raise up to $200 million through a purchase agreements.
- It will use the net proceeds to acquire more ETH for its treasury.
- The company's Ethereum treasury is expected to be worth over $2 billion following this purchase.
- The SBET stock has surged as much as 4% today.
SharpLink Gaming’s Ethereum treasury is set to surpass the $2 billion mark once the company completes its next purchase worth around $200 million. The company announced that it has already entered into a sales agreement worth up to this amount.
SharpLink Ethereum Treasury To Top $2 Billion
In a press release, the company stated that it will use the net proceeds of its latest offering to expand its ETH treasury, which could exceed $2 billion in value once it completes the purchase. This came as it announced a securities purchase agreement with four global institutional investors, with the direct offering priced at $19.50 per share.
SharpLink expects to raise gross proceeds of almost $200 million from this offering. Meanwhile, the offering will occur on or about August 8, subject to customary closing conditions.
This development comes just days after the company expanded its Ethereum treasury to 498,884 ETH. SharpLink currently ranks as the second-largest public ETH holder, only behind Tom Lee’s BitMine. BitMine also just recently expanded its treasury to over 833,000 ETH, further solidifying its position as the largest public ETH treasury.
Commenting on the latest $200 million capital raise, SharpLink’s co-CEO, Joseph Chalom, who recently joined the company from BlackRock, said that the deal with these investors further validates their mission to be the world’s leading ETH treasury.
SBET Stock Up 4%
TradingView data shows that SharpLink’s stock has surged as much as 4% today amid plans to expand the company’s Ethereum treasury beyond $2 billion. Meanwhile, the stock is up as much as 57% in the last month, thanks mainly to this ETH strategy.
Furthermore, SBET is one of the best-performing stocks this year with a year-to-date (YTD) gain of 192%. Notably, the stock is up 327% in the past six months and surged as much as 1,000% when SharpLink first announced plans to adopt ETH as its primary reserve asset in May.
Meanwhile, thanks to the demand from SharpLink and other Ethereum treasury companies, the ETH price recently surged to a six-month high of $3,900. The altcoin is up over 6% in the last 24 hours, as institutions continue to accumulate.
Tom Lee recently declared that ETH is having its Bitcoin moment, enjoying a similar hype that the flagship crypto recorded in 2017. Based on this, he predicted that Ethereum could eventually rally to as high as $16,000.
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
