SharpLink's $2.85B Surge Propels Ethereum Treasury Past $3B as Stock Slumps to 21st in Activity

On August 11, 2025, SharpLink (SBET) recorded a trading volume of $2.85 billion, up 47.16% from the prior day, ranking 21st in market activity. The stock fell 6.63% during the session.

SharpLink announced a $400 million registered direct offering with five institutional investors, priced at $21.76 per share. Combined with existing Ethereum (ETH) holdings of 598,800 ETH and $200 million in undeployed ATM proceeds, the company’s ETH treasury is projected to exceed $3 billion. The offering, set to close on August 12, 2025, underscores institutional confidence in its strategy to align corporate reserves with Ethereum’s growth potential. Co-CEO Joseph Chalom highlighted the “transformative potential” of Ethereum, emphasizing the speed and scale of the capital raise as validation of the company’s approach.

The move reflects a broader trend of institutional adoption of crypto assets, with SharpLink positioning itself as a public vehicle for Ethereum exposure. The offering utilized an effective shelf registration, streamlining regulatory compliance and enhancing credibility. However, risks remain tied to ETH’s price volatility and broader market conditions, which could impact balance sheet stability and financial reporting under U.S. GAAP.

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