The second largest publicly traded ether treasury company, SharpLink Gaming (SBET), has raised $76.5 million in a direct stock offering at an above-market price.
The Minneapolis-based company said in a news release that it sold 4.5 million shares at $17 per share, a 12% premium to its Oct. 15 closing price of $15.15.
The sale price also reflected a premium to the company’s net asset value on its 840,124 ETH held, reflecting what the company called “strong institutional confidence” in its strategy.
An anonymous institutional investor purchased the shares and received a 90-day option to buy an additional 4.5 million shares at $17.50.
The company’s ether holdings are second only to those of Bitmine Immersion Technologies (BMNR), which currently has 3.03 million ETH in its treasury.
SBET is 3.7 higher at $15.57 in early trading on Thursday, alongside a modest rebound in the ETH price to get back above $4,000.
