SharpLink Raises $76.5M in Premium-Priced Stock Deal to Expand Ether Holdings
The second-largest publicly traded ether treasury firm, SharpLink Gaming (SBET), has raised $76.5 million in a direct stock offering priced above market.
The Minneapolis-based company said in a press release it sold 4.5 million shares at $17 per share, a 12% premium over its $15.15 closing price on Oct. 15.
The sale price also reflected a premium to the company's net asset value of its 840,124 ETH holdings, reflecting what the company called “strong institutional confidence” in its strategy.
An unnamed institutional investor bought the shares and received a 90-day option to buy another 4.5 million shares at $17.50.
The firm’s ether holdings are second only to that of Bitmine Immersion Technologies (BMNR), which currently has 3.03 million ETH in its treasury.
SBET is higher by 3.7 to $15.57 in early Thursday trade alongside a modest bounce in the price of ETH to back above $4,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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