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Sharp Link aims to raise approximately 29 billion yen to exceed Ethereum holdings of 290 billion yen | CoinDesk JAPAN
SharpLink Gaming, a publicly traded Ethereum (ETH) treasury company on NASDAQ, stated that it aims to increase its Holdings of Ethereum, the second-largest cryptocurrency by market capitalization, to over $2 billion (approximately 290 billion yen, based on an exchange rate of 1 dollar = 147 yen), and has raised $200 million in funding for additional Ethereum purchases.
Sharp Link explained in a statement that it raised funds through a direct offering by entering into securities purchase agreements with four institutional investors at a price of $19.50 per share.
The company's Ethereum holdings currently amount to 521,939 ETH, and based on the Ethereum price of $3,830.65 at the time of writing this article, its value is nearly $2 billion.
Following a 4.5% increase in Ethereum over 24 hours, recovering to the $3800 range, SharpLink stock also rose about 3.3% to $22.97 on the morning of August 7 in U.S. time.
Sharp Link is one of the growing Ethereum treasury companies. These companies raise funds to accumulate Ethereum and earn rewards through staking.