SharpLink Gaming (SBET), the second-largest publicly traded ether treasury firm, has successfully raised $76.5 million through a direct stock offering, pricing shares above market value. The Minneapolis-based company sold 4.5 million shares at $17 each, reflecting a 12% premium over its previous closing price of $15.15 on October 15. This premium also indicates strong institutional confidence in SBET’s strategy, given its significant ether holdings of 840,124 ETH. An unnamed institutional investor acquired the shares and secured a 90-day option for an additional 4.5 million shares at $17.50. SBET’s ether assets rank second, surpassed only by Bitmine Immersion Technologies (BMNR), which holds 3.03 million ETH. Following the announcement, SBET’s shares rose by 3.7%, trading at $15.57 as ETH prices recover above $4,000. This investment highlights the growing institutional interest in cryptocurrency and strengthens SBET’s position in the digital asset market.
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