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SharpLink Gaming has raised $400 million through a registered direct offering with institutional investors, bringing its ETH holdings to over $3 billion. The company's ETH holdings include approximately 598,800 ETH and $200 million in ATM proceeds. The offering will result in gross proceeds of approximately $400 million before deducting placement agent commissions and other offering expenses.

SharpLink Gaming, Inc. (Nasdaq: SBET) has successfully raised $400 million through a registered direct offering with five major global institutional investors. This funding, priced at $21.76 per share, will significantly bolster the company's Ether (ETH) holdings, pushing them above $3 billion in value [1].

The company's existing ETH holdings stand at approximately 598,800 ETH, combined with $200 million in ATM proceeds yet to be deployed. The new capital infusion is expected to close around August 12, 2025, with A.G.P./Alliance Global Partners serving as the sole placement agent and Cantor acting as financial advisor [1].

This capital raise represents a significant milestone for SharpLink Gaming, signaling strong institutional confidence in the company's ETH treasury strategy. The transaction is notable for its scale, with $900 million raised in just one week, and for its at-the-market pricing, which reflects robust demand without requiring discounting [1].

The offering is being conducted through an effective shelf registration statement on Form S-3ASR, demonstrating SharpLink's commitment to regulatory compliance and transparency. This approach contrasts with more speculative funding methods, adding credibility to the company's strategic direction [1].

SharpLink's move to adopt ETH as its primary treasury reserve asset aligns the company with the future of digital capital and provides investors with direct exposure to Ethereum and ETH, the world's leading smart-contract platform and second-largest digital asset [1].

References:
[1] https://www.stocktitan.net/news/SBET/sharp-link-s-eth-holdings-expected-to-exceed-3-billion-following-400-76xw0914o58k.html