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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.

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Ripple launches treasury platform to manage cash and cryptocurrencies

Ripple, the firm closely tied to the fifth-largest cryptocurrency, XRP, introduced a new treasury platform for digital asset and traditional cash management for users like financial officers, treasurers, and accountants.

Ripple’s move comes more than three months after it acquired treasury software provider GTreasury for $1 billion, one of several steps to grow the firm’s position in corporate finance.

Combining Ripple’s blockchain rails and GTreasury’s software, the new platform’s goal is to simplify treasury operations. It eliminates settlement delays with payment times of three to five seconds and optimizes yield from working capital 24/7 through tokenized money market funds such as BlackRock’s BUIDL and overnight secure repo markets with RLUSD, according to a Tuesday blog post.

Ripple Treasury also aims to provide “real-time cash positions, automated forecasting, and seamless reporting across traditional cash, digital assets, RLUSD, and XRP holdings,” the blog post stated.

Last year, Ripple filed its national banking license application with the US Office of the Comptroller of the Currency, while the firm’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account, which would allow Ripple to hold RLUSD reserves directly with the Fed.

XRP has seen $2.4 billion in trading volume in the last 24 hours, increasing 1.8% in the period. The token’s all-time high was set in July 2025 at $3.65. Meanwhile, spot XRP ETFs had nearly $9.2 million worth of inflows on Tuesday, bringing cumulative inflows to $1.4 billion.

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US-CRYPTOCURRENCY-CLIMATE-EMPLOYMENT-CHINA

$82B

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Crypto money laundering activity totaled more than $82 billion in 2025, more than 8x higher than 2020’s figure of $10 billion, according to a Tuesday report published by crypto analytics firm Chainalysis. Chinese-language networks dominated the ecosystem, accounting for roughly 20% of the illicit activity, or $16.1 billion, last year:

“Compared to other laundering endpoints, since 2020, inflows to identified CMLNs [Chinese-langugage money laundering networks] grew 7,325 times faster than those to centralized exchanges, 1,810 times faster than those to decentralized finance (DeFi), and 2,190 times faster than intra-illicit on-chain flows.”

Tom Keatinge, director at the Centre for Finance & Security at security think tank Royal United Services Institute, told Chainalysis that the rapid development of Chinese-language networks is an “an unforeseen consequence” of China’s imposition of capital controls.

“Wealthy individuals seeking to move money out of China and evade these controls provide the impetus and liquidity pool needed to service organized crime groups based in the West,” he noted.

Keatinge told Chainalysis, “The professional enablers of this capital flight provide the services necessary to match these two independent yet mutually beneficial needs.”

Chinese-language networks offer six primary money movement techniques to clean dirty money, which include recruiting individuals to rent out their financial identities, selling illicit cryptocurrency at a discounted rate, and obscuring fund origins through multiple transactions.

Overall, this Chinese ecosystem processed nearly $44 million per day last year.

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

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