SharpLink Gaming (NASDAQ:SBET) has unveiled plans to raise an additional $400 million to bolster its Ethereum (CRYPTO: ETH) holdings, targeting a total treasury exceeding $3 billion in the near term.
What Happened: The online gambling marketing company said it will sell shares at $21.76 each to five institutional investors, with the transaction expected to close on Tuesday, Aug. 12, pending final approvals.
Co-CEO Joseph Chalom highlighted the pace of recent capital inflows, noting the firm secured nearly $900 million over the past week.
He described the rapid fundraising as a sign of growing investor confidence and a recognition of Ethereum's expanding role in the digital economy.
SharpLink shares experienced sharp intraday swings Monday, opening near $24, briefly spiking to $28, and closing down 6.6% at $22.34. Despite the pullback, the stock remains up more than 17% over the past week.
The fundraising push comes amid a surge in Ethereum's price and a wave of corporate accumulation.
Also Read: Circle Announces Stablecoin Payment Blockchain Arc
Why It Matters: Companies such as BitMine (AMEX:BMNR), EtherMachine, and Bit Digital (NASDAQ:BTBT) now collectively control several billion dollars' worth of ETH, with some analysts estimating corporate treasuries could soon hold 10% of the total circulating supply.
Ethereum is up 13.5% over the past week and more than 43% in the last month, putting it within 13% of its all-time high of $4,878, according to CoinGecko data.
The rally follows a prolonged period of underperformance for ETH despite broader crypto market gains.
On prediction platform Myriad, over three-quarters of users expect Ethereum to set a new record price before year-end.
SharpLink has set a goal of owning 1% of Ethereum's supply, currently more than 1.2 million ETH.
As of Aug. 10, the company held 598,800 ETH valued at over $2.5 billion.
Read Next:
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
