SharpLink Gaming (SBET), the second-largest Ethereum (ETH) treasury firm, has raised an additional $75.6 million, according to a recent announcement.
The fresh capital has been secured through immediate equity issuance. The company sold new shares at $17 each, which is 12% above the current market price.
There is also a 90-day "premium purchase contract" that makes it possible for investors to buy more shares at $17.50 (a 19% premium). This marks the first time that such call options are used within the digital asset treasury (DAT) ecosystem.
Investors are willing to pay a premium because they are convinced that SBET will be worth more within the next 90 days.
BitMine's insurmountable lead
Meanwhile, Tom Lee's Bitmine Technologies, which remains the biggest Ethereum treasury firm, allegedly purchased another $417 million worth of ETH, according to on-chain data.
According to CoinGecko data, BitMine owns $12.2 billion worth of ETH, dwarfing SharpLink's $3.4 billion.
However, investment management firm Kerrisdale Capital recently announced that it had shorted BMNR, arguing that its copycat model was on its way to extinction.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team