The Minneapolis-based company disclosed that it entered purchase agreements with five global institutional investors, including some of the world’s largest. Proceeds from the offering, priced at $21.76 per share, will total $400 million before fees. The deal is expected to close on or about Aug. 12, subject to standard conditions.

As of Aug. 10, Sharplink held approximately 598,800 ETH. Combined with the offering and $200 million in unused ATM proceeds, its ETH reserves will top $3 billion. Co-CEO Joseph Chalom stated the $900 million raised in recent weeks reflects market confidence in Sharplink’s ETH treasury strategy and Ethereum’s “transformative potential.”

A.G.P./Alliance Global Partners acted as sole placement agent. Cantor served as financial advisor. The offering used an effective SEC shelf registration (File No. 333-287708). Sharplink, is among the largest public companies adopting ETH as a primary treasury asset, develops online gaming solutions. It aims to provide investors direct exposure to Ethereum.

The company is among a growing lineup exploring the idea of stacking ether on their balance sheets. That roster features the biggest ETH treasury holder, Bitmine, along with The Ether Machine, Bit Digital, BTCS Inc., and Gamesquare Holdings.

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