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

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 ￰0￱ 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. 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 ￰1￱ is also at a premium to the Net Asset Value (NAV) of the firm’s current holdings of 840,124 ￰2￱ offering is expected to close on October 17, subject to satisfaction of customary closing ￰3￱ 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 ￰4￱ 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 ￰5￱ added that Ethereum adoption continues to grow among both retail and institutional investors, across different verticals such as stablecoins, decentralized finance (DeFi), and tokenized ￰6￱ 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 ￰7￱ mentioned earlier, SharpLink is currently ranked second among publicly-traded firms in terms of the amount of ETH held in their ￰8￱ Technologies continues to lead the pack, with more than three million ETH on its balance sheet, according to data from ￰9￱ Crypto Treasury Still The Play? The practice of companies developing crypto treasury strategies has become increasingly popular over the past few ￰10￱ picked up pace following the victory of pro-crypto Donald Trump in the November 2024 US presidential ￰11￱ 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 ￰12￱ 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 ￰13￱ press time, ETH trades at $3,921, down 1.7% in the past 24 hours.