SharpLink Raises $76.5M, Buys 19,271 ETH

SharpLink completed a $76.5 million capital raise priced at a 12% premium and used part of the proceeds to buy 19,271 ETH at an average cost of $3,892, bringing its holdings to 859,853 ETH (about $3.5 billion). The firm reports roughly $36.4 million in cash on hand and 5,671 ETH earned from staking since launching its Ethereum treasury strategy in June, and it separates native ETH from as‑if redeemed LsETH to transparently track treasury performance. Co‑CEO Joseph Chalom said raising equity at a premium then buying ETH at lower prices was accretive to shareholders and reflects disciplined, opportunistic execution as SharpLink pivots from online-gambling marketing to an ETH-focused treasury. SharpLink is now the second-largest corporate ETH holder after BitMine Immersion Technologies, which continues to accumulate at a faster pace. The purchase comes amid broader market volatility and recent ETH price weakness, and SharpLink’s stock has been highly volatile—soaring since May before retreating—underscoring funding and valuation risks for corporate crypto treasuries.