SharpLink Gaming intends to raise $1 billion to increase its ETH holdings

BlockBeats News, May 31st, SharpLink Gaming filed Form S-3 ASR with the U.S. SEC, has entered into an ATM (At-The-Market) sales agreement with A.G.P., under which, it may issue and sell up to an aggregate of $1 billion of its common stock through A.G.P.

The majority of the proceeds from this offering will be used to purchase the native cryptocurrency of the Ethereum blockchain, ETH. The proceeds from this offering are also intended to be used for working capital needs, general corporate purposes, operational expenses, among others.

In prior news, SharpLink Gaming announced the signing of a securities purchase agreement for a $425 million private placement, with Consensys Software Inc. leading as the main investor. Participants include ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, and other well-known crypto venture capital firms, with the transaction expected to close on May 29th.