SharpLink Gaming Moves to Raise $1 Billion, Aims to Invest in Ethereum (ETH) through Strategic ATM Agreement

On May 31st, COINOTAG News reported that SharpLink Gaming has filed a Form S-3 ASR with the U.S. SEC, effectively moving forward with an At-The-Market (ATM) sales agreement with A.G.P. This agreement allows SharpLink to issue and sell up to an aggregate of $1 billion in common stock. Notably, a significant portion of the proceeds will be allocated toward acquiring ETH, the native cryptocurrency of the Ethereum blockchain. Additionally, these funds are earmarked for various purposes, including working capital, operational expenses, and general corporate needs.

In related developments, SharpLink Gaming previously announced a securities purchase agreement for a $425 million private placement, with Consensys Software Inc. serving as the lead investor. This placement features participation from notable crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The closing of this transaction is anticipated for May 29th, marking a crucial step in SharpLinks strategic funding endeavors.