SharpLink is doubling down on Ether (ETH). In May, the former sports betting marketing group announced a full pivot to an Ether treasury strategy. Now, it is raising $400 million to push its ETH stash beyond $3 billion, the company said in a statement on Monday.
SharpLink Raises $400 million to Top $3 billion in Ether Holdings
12 August 2025 - 21:45 CEST
ETH treasury play goes big
SharpLink – chaired by Ethereum co-founder and Consensys chief Joseph Lubin – has struck securities purchase agreements with five global institutional investors for a $400 million registered direct offering at $21.76 per share (shares were at $23.98 when announced). The company expects that, together with about 600,000 ETH already held as of 10 August and $200 million of earlier fundraising still to deploy, the deal will lift the firm’s Ether holdings above $3 billion once it closes on Tuesday.
From gaming to crypto proxy
SharpLink is now in second place in the race for corporate Ether exposure. The throne belongs to BitMine Immersion, which stole the show on Monday when it bought a staggering $2 billion worth of ETH raising its total holdings to $4.6 billion (1.2 million ETH).
The market reacted to SharpLink’s announcement with a whiplash. The company’s shares shot up as much as 14 per cent in the opening minute of pre-market trading, then reversed by 18 per cent by market close, as profit-taking and dilution concerns set in. Now, investors await the company’s second quarter earnings, expected Friday 15 August.
