Sharplink Gaming plans to raise about $200 million to increase Ethereum to its corporate Treasury Department, the company said in a statement Thursday.
ETH's Treasury Department has signed an agreement to sell its common stock to four institutional investors, with the stock price being $19.50. If the settlement conditions for the transaction are met, it is expected to be closed on August 8.
The deal brings online gambling marketing companies closer to their purpose of holding all Ethereum.
“Sharplink is honored to join with globally recognized institutional investors, strengthening our strong existing investor base and further validating our mission to be the world's leading ETH Treasury,” Sharplink Ceo Joseph Chalom said in a statement Thursday.
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The salary increase is due to the increasing leadership of the head of Michael Saylor's software company strategy, increasingly committed to accumulating a large number of cryptocurrencies. As part of this trend, several Treasury companies have emerged over the past year, leaping Ethereum to its highest price in about two years.
Ethereum recently traded at $3,812, just 22% from its record price of $4,878 hit during the 2021 Bull run, according to data provider Coingecko.
As of August 3, Sharplink held 521,939 ETH, worth $1.9 billion, according to federal regulators’ documents. The company launched its Ethereum energy storage strategy in June this year.
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With the Treasury total shares approaching 1,000 ETH, bettors are betting on whether the company will meet or exceed that benchmark. 55% of the bets in the tens of millions of markets are an event contract platform, and it dares to say that Sharplink will not accumulate at least 1 million ETHs by mid-September.
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Whether Sharplink snapped up 1 million ETH tokens in mid-September, it already owns one of the world's largest Ethereum treasury. The largest ETH Treasury Department is Peter Thiel-backed Bitmine Immine, which has about $2.9 billion in ETH, according to publicly available data.