SharpLink Gaming plans to raise $1 billion to buy ETH

PANews reported on May 31 that SharpLink Gaming filed a Form S-3 ASR with the SEC in the United States, with a total registered size of securities of no more than $1 billion, for the future issuance of common shares depending on market conditions. Following the offering, the number of common shares to be issued will be up to 72,051,288. The vast majority of the proceeds from the offering will be used to purchase Ether (ETH), the native cryptocurrency of the Ethereum blockchain, and the proceeds from the offering are also planned to be used for working capital needs, general corporate purposes, operating expenses, and more.

Previously, SharpLink Gaming announced that it would close a private placement of about $425 million, with Consensys as the lead investor, and the transaction is expected to close on May 29. The funds raised will be used to purchase Ethereum (ETH) and establish ETH as the company's main reserve asset.

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