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Investing.com -- SharpLink Gaming, Inc. (NASDAQ:SBET) stock fell 3% Thursday after the company announced it has entered into purchase agreements with select institutional investors for a $200 million registered direct offering of common stock.
The offering, priced at $19.50 per share (at-the-market under Nasdaq rules), represents a discount to Wednesday’s closing price of $22.14. The company expects the offering to close on or about August 8, 2025, subject to customary closing conditions.
According to the announcement, SharpLink plans to use the net proceeds to expand its Ethereum (ETH) treasury, which the company expects will exceed $2.0 billion in value upon deployment. The company describes itself as one of the world’s largest corporate holders of Ether and a prominent industry advocate of Ethereum adoption.
"SharpLink is proud to be joined by globally-recognized institutional investors, augmenting our strong existing investor base and further validating our mission to be the world’s leading ETH treasury," stated Joseph Chalom, SharpLink’s Co-Chief Executive Officer.
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