Ethereum (ETH) Treasury Firm SharpLink Raises $77 Million

SharpLink Gaming (SBET), the second largest Ethereum (ETH) treasury company, has resurrected An additional $75.6 million, according to a recent announcement.

Fresh capital was secured through the immediate issue of equity. 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 allows investors to buy more shares at $17.50 (a 19% premium). This marks the first time such call options are being used in the digital asset treasury (DAT) ecosystem.

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Investors are willing to pay a premium because they are convinced that SBET will be worth more in the next 90 days.

BitMine’s insurmountable lead

Meanwhile, Tom Lee’s Bitmine Technologies, which remains the largest holding of Ethereum, allegedly. acquired another $417 million worth of ETH, according to on-chain data.

According to CoinGecko data, BitMine owns $12.2 billion 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 dying out. The short resulted in a significant reaction from the company’s stockholders.

The underperformance of Ethereum

Shares of major Ethereum mining companies have been under severe pressure due to the ongoing price rout. The leading currency fell below the $4,000 level once again, struggling to recover from the strong sell-off that occurred earlier in the month due to escalating trade tensions between the United States and China.