- Sharplink Gaming expanded its stock offering to $6 billion, with nearly all proceeds earmarked for Ethereum purchases, reinforcing its crypto treasury strategy.
- The company now holds over 280,000 ETH, with 99.7% staked, generating 415 ETH in rewards since June.
- Despite a 20% daily drop, SBET stock is up 189.80% in the past month and 258% year-to-date, making it one of Nasdaq’s top performers.
Sharplink Gaming Inc. has officially filed to expand its stock offering program, adding another $5 billion in common stock sales on top of the $1 billion already authorized. The move, outlined in a new SEC prospectus supplement, brings the total potential offering to $6 billion, and most of that cash is headed straight into Ethereum.
The company has already sold over $720 million worth of shares under the original agreement and now has clearance to sell the remaining $279 million plus the new $5 billion. The company states that it plans to use nearly all of the proceeds to acquire ETH, as it has been its primary treasury asset since May.
As of mid-July, the firm holds more than 280,000 ETH. Nearly all of those funds are staked, signaling that the company also plans to generate yields from staking rewards on the Ethereum blockchain.
The filing also updates Sharplink’s agreement with sales agent A.G.P./Alliance Global Partners, allowing for forward sales and outlining commission rates ranging from 2.0% to 4.0%. Sales will be made “at the market,” meaning shares can be sold directly on Nasdaq or through negotiated deals.
Sharplink’s stock (SBET) dropped nearly 18% on the day, but still holds onto a strong 189.80% gain over the past month. Year-to-date, SBET has surged more than 250%, making it one of the top-performing stocks on the Nasdaq.
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