SharpLink’s Ethereum Treasury to Surpass $2 Billion Following $200M Raise

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.