SharpLink Raises $200M in Direct Offering to Raise ETH Holdings to $2B
Main Idea
SharpLink Gaming raised $200 million in a private placement to increase its ether holdings, aiming to exceed $2 billion in value.
Key Points
1. SharpLink Gaming raised $200 million in a private placement to purchase more ether (ETH).
2. The company's ether holdings currently stand at 521,939 ETH, valued at just under $2 billion based on ether's price of $3,830.65.
3. SharpLink shares rose around 3.3% to $22.97 following the announcement and ETH's 4.5% price rally.
4. The funds will be used to accumulate ETH and stake the tokens in exchange for Ethereum Treasury EtherDigital Asset Treasury.
Description
SharpLink Gaming (SBET), a Nasdaq-listed ether treasury firm, said it has raised $200 million to buy more ether (ETH) in expectation of boosting its holdings to more than $2 billion worth of the second-largest cryptocurrency. The Minneapolis-based company entered into a securities purchase agreement with four institutional investors to raise the capital through a direct offering at a price of $19.50 per share, it said in a statement. The firm's ether holdings sit at 521,939 ETH as of its latest ...
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