SharpLink is raising $6 billion through stock sales to buy Ether as ETH hits $3,592

SharpLink has filed to boost its ongoing stock sale program from $1 billion to $6 billion, with proceeds going mainly into Ethereum. The company made the decision today through an amended sales agreement with A.G.P., confirming it would continue selling common stock directly to the public, including forward sales, under what’s classified as an at-the-market (ATM) offering. ETH/USDT 1H price chart. Source: TradingView The announcement comes as Ether jumped to $3,592, crossing $3,500 for the first time since November 2024. The company’s SEC filing says the company entered into the agreement with A.G.P. to allow up to $6 billion worth of common stock sales, which can be executed via Nasdaq, other markets, or market makers. If any alternate methods are agreed upon for distribution, another prospectus will be filed to detail those changes. Each time shares are to be sold, A.G.P. gets a placement notice with exact instructions including volume, timing, pricing thresholds, and any limits per day. Both parties retain the right to pause or stop the sales process by simply giving notice. A.G.P. to execute sales while Ether becomes a treasury asset Settlement on these sales will take place two trading days after execution unless otherwise decided. There won’t be any escrow or trust arrangement for the funds. All transactions are cleared through The Depository Trust Company unless an alternative is agreed. The agreement stays active until all shares are sold or either side pulls out; SharpLink has five days’ notice, and A.G.P. got three. The company confirmed that the prospectus and base documents could be hosted on A.G.P.’s website or distributed electronically. As part of the updated arrangement, A.G.P. will receive up to 2.5% in commission for the first $500 million sold and 2.0% beyond that, along with expense reimbursements. As of the date of the latest filing, SharpLink has already sold 40,527,987 shares, bringing in $720,833,885. This move follows SharpLink’s corporate redomestication from Israel to Delaware in early 2024. After relocating, the management and board launched a deep internal review to identify where to double down. They reviewed over two dozen options before settling on crypto gaming as the most viable route. The mix of scaling potential, player engagement, and platform efficiency convinced them to invest heavily in the space. On February 24, SharpLink shared that it had acquired a 10% stake in Armchair Enterprises Limited, a UK company behind CryptoCasino.com, for $500,000 in cash. The deal included a right of first refusal to buy majority control later. SharpLink doubles down on Ethereum as revenue declines The push into Ethereum comes during a financial shift. Revenue from SharpLink’s affiliate marketing arm declined 26.1% year-over-year, falling from $4.95 million in 2023 to $3.66 million in 2024. First quarter 2025 numbers showed another dip, down 24%, from $975,946 to $741,731. With legacy revenues sliding, SharpLink moved quickly to bring in crypto as a core part of its operations. On May 27, SharpLink entered into agreements with PIPE Purchasers, selling 58,699,760 shares at $6.15 per share and issuing 10,400,553 pre-funded warrants priced at $6.1499 each. Proceeds were immediately used to buy Ether, which now serves as the firm’s main treasury reserve asset. SharpLink’s ETH holdings are now being used for staking. As of July 13, 2025, the company held 280,706 ETH. By July 11, 99.7% of that was staked, earning the company 415 ETH in rewards since the treasury plan was launched on June 2. The company warned that aspects of these staking activities may be subject to regulation, but it hasn’t stopped the effort. Cryptopolitan Academy: Coming Soon – A New Way to Earn Passive Income with DeFi in 2025. Learn More

Source: Cryptopolitan