SharpLink Gaming (SBET), a Nasdaq-listed ether treasury firm, said it has raised $200 million to buy more ether (ETH) in expectation of boosting its holdings to more than $2 billion worth of the second-largest cryptocurrency.
The Minneapolis-based company entered into a securities purchase agreement with four institutional investors to raise the capital through a direct offering at a price of $19.50 per share, it said in a statement.
📖 Related Reading
- 📰 Bitwise CIO on Ether’s ‘Demand Shock’: Why ETH’s Rally Has Staying Power
- 📰 Crypto Market Cap Halts at $3.7T as Traders Rotate Out, Institutions Double Down on BTC, ETH
The firm’s ether holdings sit at 521,939 ETH as of its latest purchases, worth just under $2 billion based on ether’s price of $3,830.65 at the time of writing.
SharpLink shares rose around 3.3% at $22.97 in the late U.S. morning on Thursday, following ETH’s 4.5% rally over 24 hours to reclaim the $3,800 level.
The company is one of a growing number to adopt an ether treasury strategy, raising funds to accumulate ETH and staking the tokens in exchange for rewards.
🔗 You Might Also Be Interested In
Bitwise CIO on Ether’s ‘Demand Shock’: Why ETH’s Rally Has Staying Power
Crypto Market Cap Halts at $3.7T as Traders Rotate Out, Institutions Double Down on BTC, ETH
$302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!