SharpLink Gaming (SBET), a Nasdaq-listed ether treasury agency, stated it has raised $200 million to purchase extra ether (ETH) in expectation of boosting its holdings to greater than $2 billion value of the second-largest cryptocurrency.
The Minneapolis-based firm entered into a securities purchase agreement with four institutional investors to lift the capital by way of a direct providing at a worth of $19.50 per share, it stated in an announcement.
The agency’s ether holdings sit at 521,939 ETH as of its crime purchases, value slightly below $2 billion based mostly on ether’s worth of $3,830.65 on the time of writing.
SharpLink shares rose around 3.3% at $22.97 within the late U.S. morning on Thursday, following ETH’s 4.5% rally over 24 hours to reclaim the $3,800 stage.
The corporate is one among a rising quantity to undertake an ether treasury technique, elevating funds to build up ETH and staking the tokens in change for rewards.