Joe Lubin-backed Ethereum treasury firm SharpLink to sell additional $200 million worth of stock to buy ETH

The Block

2025-08-07 22:12:12

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SharpLink Gaming (ticker: SBET), the gaming company-turned-Ethereum treasury play led by Consensys founder Joe Lubin, has entered into another institutional purchase agreement, this time to raise $200 million to acquire more ETH.

The deal involves four unnamed institutional partners, who have agreed to purchase at-the-market SBET shares at $19.50 per share. The offering is expected to close this week.

SharpLink is one of the largest publicly traded holders of Ethereum’s native token, part of the trend of crypto treasury companies that kicked off earlier this year. Notably, in July, former BlackRock executive Joseph Chalom joined the firm as co-CEO to lead its ETH strategy.

The Minnesota-based firm initially filed for a $1 billion shelf registration with the Securities and Exchange Commission that was expanded to $6 billion in mid-July, enabling the firm to offer equity and debt to investors to fund purchases.

“The net proceeds of the offering will be directed toward expanding SharpLink’s ETH treasury, which upon deployment is expected to exceed $2.0 billion in value,” the firm noted in a statement.

Alliance Global Partners is acting as the lead placement agent for this most recent offering, with Societe Generale acting as the co-placement agent. Cantor joined as a financial advisor to the company.

Previous backers of SharpLink’s stock offerings include prominent crypto ventures such as Arrington Capital, Consensys, Electric Capital, Galaxy Digital, GSR, Hivemind Capital, Ondo, Pantera Capital, ParaFi Capital, Republic Digital, and White Star Capital, among others.

ETH is trading at $3,855.14, up over 7% on the day, according to The Block’s price page.

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