SharpLink Raises $76.5M at a Premium – What’s the Endgame for Its ETH Treasury?

SharpLink Gaming, Inc. (Nasdaq: SBET), one of the world’s largest corporate holders of Ether, announced that it has raised $76.5 million through a registered direct equity offering priced at $17 per share—a 12% premium to its closing price of $15.15 on October 15.

We’ve raised $76.5M by issuing equity at $17 per share (12% premium to market), with the potential for ~$79M more though a novel 90-day premium purchase contract at $17.50 per share (19% premium) – the first of its kind in the DAT ecosystem.

– SharpLink sold equity at both a… pic.twitter.com/adqRIF90GJ

— SharpLink (SBET) (@SharpLinkGaming) October 16, 2025

The offering was made to an institutional investor under a securities purchase agreement covering 4.5 million shares of common stock. This marks one of the few recent equity raises in the digital asset treasury (DAT) ecosystem conducted at both a market and net asset value (NAV) premium.

Introducing a Novel 90-Day Premium Purchase Contract

Alongside the initial raise, the investor received a 90-day premium purchase contract (PPC)—a first-of-its-kind instrument in the DAT ecosystem. The PPC allows the investor to acquire up to an additional 4.5 million shares at $17.50 per share, representing a 19% premium to SharpLink’s October 15 closing price.

If fully exercised before its January 15, 2026 expiration, the PPC would generate an additional $78.8 million in proceeds, potentially lifting total capital raised to over $155 million. This structure allows SharpLink to benefit from additional accretive capital inflows while maintaining shareholder value.

Strengthening the ETH-Per-Share Strategy

SharpLink Co-CEO Joseph Chalom called the raise a “novel equity sale transaction” that reflects strong institutional conviction in the company’s long-term vision.

“By 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 investors,” he said.

Chalom added that the firm remains focused on building the most trusted, long-term-oriented treasury in the Ethereum ecosystem.

“Each day brings new evidence of accelerating retail and institutional adoption of Ethereum across stablecoins, tokenized assets, and DeFi,” he said, reaffirming SharpLink’s bullish stance on ETH as a core corporate treasury asset.

Deployment of Capital and Strategic Outlook

The $76.5 million raised will be deployed to enhance SharpLink’s ETH-per-share ratio and expand its Ethereum treasury holdings, continuing the company’s upward momentum under the ticker $SBET.

A.G.P./Alliance Global Partners acted as the sole placement agent for the offering, with Thompson Hine LLP serving as legal counsel to SharpLink and Sullivan & Worcester LLP advising A.G.P.

SharpLink Calls for Shift Toward High-Quality Growth Assets

At the Digital Assets Summit (DAS) 2025 in London on Tuesday, SharpLink Co-CEO Joseph Chalom addressed a packed audience during a panel discussion with Joseph Lubin, founder and CEO of Consensys. Chalom explains that the next phase of institutional adoption will be driven by fundamentals rather than hype.

"I think you're going to see a significant differentiation, going forward, and if you believe in growth and you want growth assets, maybe go to high-quality growth assets that can stand the test of time, that have a real fundamental value and are productive," SharpLink's… pic.twitter.com/2UX5uMuDHo

— Digital Asset Summit 2025 (@blockworksDAS) October 14, 2025

SharpLink Gaming Price Action

Shares of SharpLink Gaming Inc. (Nasdaq: SBET) have surged 435% over the past six months, closing at $14.77 on October 16, 2025. The rally comes as the company cements its position as one of the largest corporate holders of Ether and continues to expand its Ethereum-based treasury strategy.

SharpLink’s market capitalization now stands at $2.9 billion, reflecting growing institutional confidence following its $76.5 million equity raise at a 12% premium to market.

Despite the volatility seen earlier this year—with shares spiking above $80 in June 2025 before stabilizing—investor sentiment remains strong amid the firm’s commitment to increasing ETH per share.