Bakkt’s corporate Bitcoin play turns Marusho Hotta into crypto treasury hub

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SharpLink Gaming, Inc. (Nasdaq: SBET), one of the largest corporate holders of Ethereum, has announced a $200 million registered direct offering priced at $19.50 per share. NEW: SharpLink raises $200M in a direct offering led by four global institutional investors at $19.50/share This capital will be used to expand our Ethereum treasury, expected to surpass $2B upon full deployment At SharpLink, our mission is simple: Accumulate ETH. Stake ETH.… pic.twitter.com/ABv7CH9Cqt — SharpLink (SBET) (@SharpLinkGaming) August 7, 2025 The offering involves four unnamed global institutional investors, showing growing institutional interest in Ethereum as a treasury asset. The net proceeds will be used to further expand its ETH treasury, which is now projected to surpass $2 billion upon full deployment. The move is part of SharpLink’s ongoing strategy to “accumulate ETH, stake ETH, and grow ETH per share,” as it positions itself as a central corporate player in the space. Institutional Backing Shows Rising ETH Confidence The deal was facilitated by A.G.P./Alliance Global Partners as lead placement agent, with Société Générale serving as co-placement agent. Cantor Fitzgerald is acting as the company’s financial advisor. The involvement of these global institutions shows a shift, suggesting that Ethereum—often seen as volatile or experimental—is being viewed as a long-term asset by large financial players. SharpLink Co-CEO Joseph Chalom described the offering as a “validation of our mission to be the world’s leading ETH treasury.” Chalom outlines the company’s ambitions to hold ETH and actively participate in Ethereum’s staking economy and broader network infrastructure. ETH as a Corporate Reserve: New Frontier or Risky Bet? The aggressive ETH accumulation strategy puts SharpLink in a unique league. Unlike traditional companies that hold cash or short-term securities, SharpLink is leveraging its balance sheet to build a crypto-native treasury model. The company’s staking activities also indicate it is earning yield on its holdings—a move that is in line with Ethereum’s post-merge shift to proof-of-stake. SharpLink’s $200 million offering may serve as a bellwether for broader institutional movement into Ethereum. While public companies such as MicroStrategy have adopted similar treasury strategies with Bitcoin, SharpLink’s ETH-centric model may pave the way for others to diversify into Ethereum-based assets. $SBET Price Action On Thursday, shares of SharpLink Gaming Inc. opened strong, rising over 2.2% in early trading to $22.70, following recent news of its $200 million direct offering and expansion of its Ethereum treasury strategy. The stock opened at $21.72, surged to an intraday high of $23.03, and reached a market cap of $2.5 billion. With a 52-week range spanning from $2.26 to $124.12, SBET has become a closely watched crypto-adjacent equity. The jump in price may reflect growing investor confidence in SharpLink’s aggressive ETH accumulation and staking roadmap.