Sharplink Gaming Inc. has announced a major capital initiative, launching a stock offering of up to $1 billion to buy Ethereum (ETH). Sharplink explicitly stated its intent to use “substantially amount of the proceeds” from the offering to acquire Ether.
According to the S-5 prospectus filed on May 29, the offering will involve the sale of up to 72,051,288 shares of common stock.
Based on the assumed sale of 12,624,668 shares at $79.21 per share as per the last reported Nasdaq trading price as Sharplink plans to raise $1 billion in gross proceed.
In addition to its ETH purchases, Sharplink will use proceeds for general business purposes, including working capital, operating expenses, and expanding its core affiliate marketing operations.
The stock sale will be executed via an “at-the-market offering” structure, allowing Sharplink to issue shares from time to time through a sales agent or principal. This structure gives the company flexibility to respond to market conditions while pursuing its crypto acquisition and operational goals.
Also Read: Ethereum in Spotlight as SharpLink Gaming Bets $425M on ETH
