SharpLink Sells Shares to Buy More Ethereum as BitMine’s Treasury Lead Grows

Publicly traded Ethereum treasury company SharpLink Gaming, Inc. announced a $76.5 million registered direct offering of 4.5 million common shares at $17 per share, representing a 12% premium to its October 15 closing price of $15.15.

The move is meant to fuel further ETH purchases for the company following a period of slower acquisitions—all while BitMine Immersion Technologies, the largest corporate ETH holder, continues to widen the gap with consistently sizable Ethereum additions.

SharpLink Gaming now holds 840,124 ETH, valued at $3.38 billion. However, over the last month, the company has significantly slowed its acquisitions, adding only about 2,900 ETH over the last month—about $1.18 million worth.

By contrast, BitMine has added more Ethereum over the last month than SharpLink holds in total. BitMine has acquired approximately 880,500 ETH, valued at $3.55 billion at the current ETH price of $4,039. The firm now holds over $12.1 billion worth of ETH.

Alongside the share sale, SharpLink said that the unnamed institutional investor also received a 90-day premium purchase contract expiring on January 15, allowing purchase of an additional 4.5 million shares at $17.50 per share—a 19% premium to the closing price. If fully exercised, this would generate another $78.8 million in gross proceeds.

“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,” said SharpLink co-CEO Joseph Chalom, in a statement. “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.”

SharpLink (SBET) stock is up slightly on the day, rising about 0.25% to a price of $15.19, as of this writing. It’s down nearly 11% over the last week.

The price of Ethereum surged to a new all-time high of $4,946 in August on the back of the Ethereum treasury boom, which includes other major buyers like The Ether Machine, Bit Digital, and ETHZilla.

However, it’s had an especially volatile week, plunging from $4,350 to below $3,700 last Friday as crypto markets were rocked by President Trump’s tariff threats against China. Falling prices led to a cascade of liquidations, with more than $19 billion worth of positions hit in a single day—a new record for the crypto industry.

Ethereum is currently trading for $3,980, down more than 8% on the week. Myriad users are bearish on a short-term rebound, predicting just an 18% chance that the price will sit above $4,200 by 12pm UTC on Friday. Odds have fallen by more than 13% over the last 24 hours. (Disclaimer: Myriad is a product of Decrypt’s parent company, DASTAN.)