Sharplink Gaming amends ATM agreement to allow up to $6 billion in share sales

SharpLink Gaming, Inc. (NASDAQ:SBET), whose stock has surged over 528% in the past six months according to InvestingPro data, announced Thursday it has amended its at-the-market (ATM) Sales Agreement with A.G.P./Alliance Global Partners (NYSE:GLP) to increase the maximum aggregate offering amount of its common stock from $1 billion to $6 billion. The company, currently valued at $3.31 billion, has seen its shares demonstrate significant volatility, with the stock price reaching $36.40 in recent trading. The amendment also introduces the option for forward sales of shares through Master Forward Confirmation Letter Agreements.

According to the company’s statement in a Securities and Exchange Commission filing, the amendment allows SharpLink Gaming to sell shares of its common stock, par value $0.0001 per share, from time to time through the ATM Offering as defined by Rule 415 under the Securities Act of 1933.

Under the amended terms, A.G.P./Alliance Global Partners will receive a commission of 2.5% of the gross sales price per share for the first $1 billion of shares sold, and 2.0% for shares sold beyond that amount in the ATM Offering. For forward sales made under the Forward Sales Agreements, the commission rate will be 4.0%.

The company may enter into one or more Forward Sale Agreements with A.G.P./Alliance Global Partners, acting as Forward Purchaser, Forward Seller, or Sales Agent. Under these agreements, the Forward Purchaser will borrow and sell shares on behalf of SharpLink Gaming, with settlement expected to occur within two years from the agreement date. The company retains the option to settle these agreements in cash or shares and may terminate or settle early under certain conditions.

SharpLink Gaming is currently seeking stockholder approval to increase its authorized shares at a meeting scheduled for July 24, 2025. As of Thursday, the company is limited to issuing no more than 48,058 shares under the amended agreement until such approval is obtained, as there are currently no other authorized shares available for issuance. With a remarkably high Price-to-Book ratio of 1,543.05, investors seeking deeper insights into the company’s valuation metrics can access additional analysis through InvestingPro, which offers 15+ additional key metrics and investment tips. Until then, the company expects to utilize forward sales agreements rather than direct ATM sales.

The company filed a supplement to its prospectus with the SEC to reflect these changes. This information is based on the company’s press release statement included in its Form 8-K filing with the Securities and Exchange Commission.

In other recent news, SharpLink Gaming has become the largest corporate holder of Ether (ETH) with 280,706 ETH as of mid-July 2025, according to a company press release. The company purchased 74,656 ETH at an average price of $2,852, raising approximately $413 million through its At-The-Market facility by issuing over 24.5 million shares. Additionally, SharpLink completed a direct purchase of 10,000 ETH from the Ethereum Foundation for $25.7 million, marking a significant commitment to Ethereum as its primary treasury reserve asset. This transaction was executed at a price of $2,572.37 per ETH and is part of the company’s strategy to stake and restake its holdings.

In another development, SharpLink Gaming appointed KPMG LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. This decision follows the dismissal of Cherry Bekaert (EBR:BEKB) LLP, which had previously served as the company’s auditor. The audit reports from Cherry Bekaert did not include adverse opinions but mentioned substantial doubt about SharpLink’s ability to continue as a going concern. Meanwhile, Bybit has added SharpLink Gaming to its TradFi platform, reflecting growing institutional interest in cryptocurrency assets. These recent developments highlight SharpLink Gaming’s strategic focus on Ethereum and its financial management changes.

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