Sharplink Gaming raised $200 million from institutional investors, further promoting its Ethereum (ETH) purchase, earning its holdings of over $2 billion.
The funding round, scheduled to close on August 8th, was priced at $19.50 per share and was led by AGP/Alliance Global Partners. Societe Generale served as a co-placement agent, and Cantor Fitzgerald served as financial advisor for the contract.
According to an announcement from August 7th, the proceeds from salary increases will only be used to earn more Ethereum.
Rase comes just two days after Sharplink disclosed its $344 million Ethereum acquisition in SEC filing, revealing the purchase of 83,561 ETH at an average price of $3,638. The purchase marked the company’s total ETH reserve of 521,939 ETH, with reporting time worth around $1.9 billion.
Sharplink began construction of the ETH Treasury Department just two months ago, rapidly expanding over $540 million in stock sales in the market (ATM).
In that short time, the Minneapolis-based company jumped over 64 other companies to become the second largest corporate ETH holder tracked by Ser, the Department of Digital Assets Treasury data service.
Only Bitmine holds a lot, with 833,137 ETH valued at nearly $3 billion. However, while Bitmine’s accumulation has been quick and broad, Sharplink takes a more clearer attitude, framing Ethereum as an “infrastructure reserve.”
Currently, all Sharplink ETH is piled out, generating more than $3.4 million in rewards since June. This staking strategy introduces compound interest dynamics. As ETH prices and staking yields rise, we can reinvest rewards to further grow the Treasury.
The company’s ETH concentration is defined as holdings per 1,000 diluted shares, an increase of 83% over the same period, reflecting the Ministry of Finance’s impact on shareholder shares.
Previously focusing on gaming and sports betting infrastructure, Sharplink appears to be rebranding its ethnic-centric financial strategy. This move is consistent with the growth trends of high-tech companies using Crypto, and reserves it as a basis for long-term corporate finance infrastructure, not just speculative play.