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SharpLink Gaming announces $76.5 million capital raise and potential to more than double that

An analyst noted that “flows and positioning, not fundamentals, are shaping the ETH story right now.”

10/16/25 11:00AM

SharpLink Gaming, the second-largest ethereum treasury, with $3.4 billion worth in its stockpile, is adding fresh capital to fuel its crypto strategy.

On Thursday, the firm announced entering into a securities purchase agreement with an institutional investor for the purchase of 4.5 million shares at $17 per share, a 12% premium to the company’s stock price as of Wednesday’s close, which will net the company $76.5 million.

The investor is able to purchase an additional 4.5 million shares before January 15 at a 19% premium or an exercise price of $17.50 per share. If exercised, SharpLink will receive an added $78.8 million, according to a Thursday press release.

“By raising equity at a meaningful premium to both market price and NAV [net asset value], we’re able to continue accumulating ETH and increasing ETH-per-share for our investors,” SharpLink Co-CEO Joseph Chalom said.

SharpLink’s capital raise is “another example of how flows and positioning, not fundamentals, are shaping the ETH story right now,” said Simon Shockey, an analyst at Delphi Digital.

“If we see a classic alt rotation, ETH could still benefit as flows move down the risk curve after BTC,” Shockey said.

Shockey wouldn’t rule out a narrative shift that’s more favorable for ethereum given that there’s a “strong case” that the token is a store of value alongside or complementary to bitcoin, “but structurally, the investment case hasn’t materially strengthened from a fundamental perspective,” he argued.

“That said, I remain optimistic and a long-time believer in what ethereum has built and aims to accomplish.”

Suspected BitMine wallets stack ethereum

Meanwhile, three wallet addresses (0xcd4, 0xa16, and 0xF62) acquired over $76 million of ethereum from crypto custody firm BitGo in the last 24 hours, on-chain data shows.

Blockchain analytics firm Arkham Intelligence suspects the addresses belong to BitMine Immersion Technologies, as the “patterns match BitMine ETH acquisitions from BitGo,” the firm shared in a social media post. BitMine, holding over 2.5% of ethereum’s total supply, or $12.2 billion, takes the top belt among ethereum treasury companies.

Sage D. Young12h

New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday.

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents.

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

We looked at this last year and found most of the gains are in fact after hours. Doesn't mean the ETFs aren't having impact. Some of this is positioning bc of the ETFs etc or derivatives based on flows etc etc. But yeah, bitcoin After Dark ETF could put up better reutrns, we'll… pic.twitter.com/BTpV51cQfl
— Eric Balchunas (@EricBalchunas) December 9, 2025

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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12/8/25

Bitcoin will “snapback or chop ahead of the Fed” decision

Traders on prediction markets are divided, giving an equal chance that bitcoin drops below $80,000 or rises above $100,000 this year.

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Legendary short seller James Chanos on the problem with Strategy’s business model

The noise has grown louder about Strategy being in trouble, but most experts think Strategy can weather the current bitcoin downturn, though one critic predicts this is “the beginning of the end.”