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ethereum

Ethereum Investor SharpLink Raises $76.5M At Market Premium – More ETH Purchases Ahead?

Ash Tiwari
by Ash Tiwari
14 hours ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

One of the largest publicly-traded Ethereum (ETH) treasury firms, SharpLink Gaming, today announced that it had raised $76.5 million in a direct stock offering at a price above market rate. A portion of the proceeds is likely to be used to buy more ETH.

SharpLink Raises $76.5 Million To Buy More Ethereum

According to an announcement made earlier today, SharpLink Gaming has entered into a securities purchase agreement with an unknown institutional investor for the purchase and sale of 4.5 million shares of its common stock.

Related Reading: Ethereum Treasuries “Propped Up” By $6 Billion In Korean Retail Money, Says Crypto Founder

Notably, the Minneapolis-based firm stated that it had sold shares for $17 per share, a 12% premium above its market rate of $15.5 recorded in the closing hours of trading on October 15. It is also at a premium to the Net Asset Value (NAV) of the firm’s current holdings of 840,124 ETH.

The offering is expected to close on October 17, subject to satisfaction of customary closing conditions. Commenting on the development, Joseph Chalom, co-CEO of SharpLink said:

This is a novel equity sale transaction that is both accretive to stockholders and strategically structured, reflecting strong institutional confidence in SharpLink and our long-term vision. By raising equity at a meaningful premium to both market price and NAV, we’re able to continue accumulating ETH and increasing ETH-per-share for our investors.

He added that Ethereum adoption continues to grow among both retail and institutional investors, across different verticals such as stablecoins, decentralized finance (DeFi), and tokenized assets.

Following today’s announcement, SharpLink shares are slightly down, trading at $15.07 at the time of writing. However, the shares are up an impressive 445% over the past six months, largely driven by an increase in the price of ETH.

yahoo!
Source: Yahoo! Finance

As mentioned earlier, SharpLink is currently ranked second among publicly-traded firms in terms of the amount of ETH held in their treasuries. BitMine Technologies continues to lead the pack, with more than three million ETH on its balance sheet, according to data from Coingecko.

coingecko
Source: Coingecko

Is Crypto Treasury Still The Play?

The practice of companies developing crypto treasury strategies has become increasingly popular over the past few years. It picked up pace following the victory of pro-crypto Donald Trump in the November 2024 US presidential election.

Related Reading: Bitcoin Play Metaplanet Suspends Stock Warrants For 20 Days – Details

This trend is not just limited to leading digital assets like Bitcoin (BTC), or Ethereum, but companies are also exploring crypto treasury strategies focused on other altcoins such as Solana (SOL), Avalanche (AVAX), and Dogecoin (DOGE).

That said, some warning signs have the investors doubting the benefits of a crypto-focused treasury strategy on a company’s finances. For instance, recently, Metaplanet’s valuation fell below the value of the total BTC it holds on its balance sheet.

Similarly, Michael Saylor’s Strategy’s shares – the largest publicly-listed firm in the world by amount of BTC held – have also shown poor performance over the past few months. At press time, ETH trades at $3,921, down 1.7% in the past 24 hours.

ethereum
Ethereum trades at $3,921 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash.com, charts from Yahoo! Finance, Coingecko, and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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