SharpLink Gaming plans to raise $1 billion to increase ETH holdings

According to a report by Jinse Finance, SharpLink Gaming has submitted Form S-3ASR to the U.S. SEC and signed an ATM (At-the-Market) sales agreement with A.G.P. Under this agreement, up to $1 billion worth of common stock can be issued and sold through A.G.P. The majority of the proceeds from this issuance will be used to purchase ETH, the native cryptocurrency of the Ethereum blockchain. The funds raised are also planned to be used for working capital needs, general corporate purposes, and operational expenses. Previously, it was reported that SharpLink Gaming announced the signing of a securities purchase agreement for a $425 million private placement, with Consensys Software Inc. as the lead investor. Participants include well-known crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The transaction is expected to be completed by May 29.