Sharplink Gaming Inc., in a move that could only be described as a daring leap into the unknown, has filed to sell up to $5 billion worth of additional common stock, ostensibly to fund the acquisition of ether for its corporate treasury. But let’s not kid ourselves, this is more like a high-stakes poker game where the chips are the future of the company. 🃏
Sharplink Expands Stock Offering to $6B Total
The Minneapolis-based online gaming marketing company, known for its bold moves and even bolder statements, disclosed this audacious plan in a Securities and Exchange Commission (SEC) filing this week. The new shares supplement an existing $1 billion stock sales program, raising the total potential offering under its agreement with sales agent A.G.P./Alliance Global Partners to a staggering $6 billion. Imagine that—$6 billion! That’s enough to buy a small country, or at least a few islands in the Caribbean. 🌴🌊
Sharplink has already sold shares worth approximately $720.8 million under the prior authorization. Sharplink further stated it intends to use “substantially all” cash proceeds from the new sales to acquire ethereum (ETH), the native cryptocurrency of the Ethereum blockchain. It’s like they’re betting the farm on a digital currency that’s as volatile as a roller coaster ride. 🚀📉
The company adopted ETH as its primary treasury reserve asset in May, citing goals of diversifying reserves, enhancing capital efficiency, and aligning with emerging financial technologies. As of July 13, the firm told the SEC it held 280,706 ETH, with 99.7% deployed for staking rewards. Staking, you say? More like stacking the odds in their favor, or so they hope. 🍀
The company, trading on Nasdaq under “SBET,” also amended its sales agreement to permit forward sales of its stock. Shares closed at $37.38 on July 16. Sharplink focuses on performance-based marketing for sportsbooks and casinos and is expanding into crypto gaming, including a stake in the domain Cryptocasino.com. It’s a gamble, but then again, isn’t everything in life? 🎲-Life
The SEC filing said sales will occur “at the market” through Nasdaq or other U.S. venues. A.G.P. will earn commissions ranging from 2.0% to 4.0% depending on the sales volume and type. Sharplink reported a 26.1% year-over-year revenue decline from its core affiliate marketing services for 2024. In addition to ethereum, proceeds may also cover working capital, corporate expenses, and core operations, the company concluded. It’s a bold move, but in the world of finance, sometimes you have to roll the dice. 🎲
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2025-07-19 03:03