SharpLink raises $200m to power Ethereum treasury past $2b threshold

SharpLink Gaming has secured $200 million from institutional investors in a direct offering, setting the stage for what could become one of the largest ETH treasuries in the world, surpassing $2 billion in value, according to the company.

On August 7, Minneapolis-based gaming company SharpLink Gaming announced it had entered into purchase agreements with four undisclosed institutional investors to raise $200 million through a registered direct offering of common stock priced at $19.50 per share.

The capital, expected to close by August 8, will be deployed entirely toward expanding the firm’s Ethereum (ETH) reserves, a move that would push its total ETH holdings beyond the $2 billion mark at current prices and deepen the company’s alignment with Ether as its core reserve asset.

According to the press release, the deal was brokered by lead placement agent A.G.P./Alliance Global Partners and co-placement agent Societe Generale, with Cantor serving as financial advisor.

Strategic acceleration or treasury arms race?

For SharpLink, the timing of this raise appears far from coincidental. The $200 million announcement landed barely 48 hours after the firm revealed in an August 5 SEC filing that it had acquired 83,561 ETH for $304 million, bringing its total Ethereum holdings to 521,939 ETH, worth just under $1.9 billion at current prices.

According to the company, the capital for that purchase came from two recent tranches of at-the-market equity sales totaling more than $540 million. This latest injection of $200 million appears to be aimed at consolidating SharpLink’s place near the top of the Ethereum treasury leaderboard.

That mission appears increasingly defined not just by accumulation, but by how quickly and decisively it can be executed. SharpLink’s entrance into the Ethereum treasury space dates back just two months, but it has already leapfrogged 64 other firms tracked by SER, a data service monitoring on-chain corporate ETH reserves.

Only one company, Tom Lee’s BitMine, now holds more: 833,137 ETH valued at nearly $3 billion, as disclosed in a separate August 5 filing. BitMine’s position reflects a staggering growth rate, with its Ethereum stash going from zero to dominant in just over five weeks.

SharpLink’s own strategy, however, diverges in style, if not in ambition. Rather than framing its move as an asset grab, the company has described Ethereum as an “infrastructure reserve,” a long-term bet on the utility layer of decentralized finance rather than just a volatile store of value.

According to previous disclosures, SharpLink has staked 100% of its ETH, generating $3.4 million in rewards since June. This creates a compounding effect: as ETH appreciates, so do staking rewards, which can then be reinvested into more ETH. The company’s “ETH Concentration” metric, which measures holdings per 1,000 diluted shares, has surged 83% since June, demonstrating how effectively the strategy translates to shareholder value.