Sharplink Gaming is raising an additional $400 million by selling its shares

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Sharplink Gaming, an online gaming marketer, is raising an additional $400 million by selling its shares to five global investors at $21.76 per share. The goal is to boost its ETH holdings beyond $3 billion, or approximately 1% of the ETH circulating supply. The online gaming marketer’s stock spiked to $28 before closing the day at $22.34.

Alliance Global Partners (AGP) acts as the sole placement agent, and Cantor is the financial advisor for the registered direct offering. The sale is expected to close on August 12, 2025.

The agreement strictly follows Form S-3ASR, declared effective by the U.S. Securities and Exchange Commission (SEC) on May 30, 2025. Sharplink insisted that the transaction followed proper regulatory standards and aimed to provide immediate access to capital. 

Sharplink’s stock surges to $28.26 before closing down at $22.76

Sharplink Gaming platform, an online gaming marketer, had approximately 598,800 ETH holdings as of August 10, 2025, valued at over $2.5 billion at the current price. The firm aims to increase its holdings beyond $3 billion through the $400 million capital raise, plus an additional $200 million to be gained from the market program proceeds, pending deployment. The company revealed that its goal is to accumulate approximately 1% of the total ETH supply. 

Joseph Chalom, co-CEO of Sharplink, revealed that the previous fundraising momentum, which saw up to $900 million raised in the past week, shows investor confidence in the company’s treasury strategy and Ethereum’s long-term potential. 

Sharplink stock opened at $24 and surged to $28 during the intraday trading. The stock closed at 22.34, a 6.63% drop, on the same day. The weekly timeframe shows the stock is still up 17.55% over the past week.  

The online gaming marketer aims to form an Ethereum strategy amid growing interest from public institutions to establish ETH treasuries. Firms such as BitMine, EtherMachine, and BitDigital cumulatively hold billions of dollars in Ethereum. As of today, BitMine holds 1.2 million ETH, Bit Digital holds 120,306 ETH, and EtherMachine holds 345,362 ETH.  

Analysts say public treasuries could hold up to 10% of ETH

Ethereum is currently trading at $4,229, up over 9.5% over the past week and 45.3% over the past month. The token is presently 13% of its all-time high of $4,878. A Standard Chartered analyst has projected that public Ethereum treasury firms would eventually control up to 10% the total circulating supply.

Sharplink has incorporated its operations with blockchain-based financial management. Its management team revealed that holding ETH as a primary treasury asset provides them with a strong balance sheet and alignment with the growth of DeFi technologies.   

According to Strategic ETH data, ETH treasuries accumulated 1% of all ETH supply in just two months, with holdings worth $9 billion. Geoff Kendrick of Standard Chartered predicts that the figure could grow tenfold, and eventually, the firms will control up to 10% of the token supply. At least 75% of users on Myriad, a market prediction forum, believe that Ethereum will beat its record price before the end of the year. 

Kendrick cited BitMine and Sharplink as companies that have grown at twice the rate of Bitcoin treasury firms since June. He said that DeFi utility and regulation inefficiencies are the key drawbacks for institutions.

Some analysts from Bernstein warned that liquidity issues and smart contract risks tied to stacking and DeFi participation add to the list of drawbacks faced by treasury firms. 

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