SharpLink Gaming said it will raise $400 million through a registered direct offering with five institutional investors, selling shares at $21.76 each. Alliance Global Partners is acting as the sole placement agent. Management intends to use the proceeds to buy additional Ether, a move that is expected to lift the Minneapolis-based company’s cryptocurrency treasury beyond $3 billion. Recent filings show SharpLink already controls 728,804 ETH—roughly 1 percent of the token’s circulating supply—valued at about $3.3 billion. Since launching its treasury strategy in early June, the company has raised $2.6 billion via PIPE, at-the-market and earlier direct offerings. Nearly all of the coins are staked on the Ethereum network, generating 1,326 ETH in rewards to date. The aggressive accumulation has yet to bolster operating results. Second-quarter revenue fell 30 percent year-over-year to $0.7 million, and the company posted a $103.4 million net loss, weighed down by an $87.8 million non-cash impairment on liquid-staked ETH and $16.4 million of stock-based compensation tied to a strategic advisory pact with Consensys. SharpLink underscored its pivot toward digital assets by appointing Ethereum co-founder Joseph Lubin as chairman and former BlackRock executive Joseph Chalom as co-chief executive officer. Management says positioning Ether as its primary reserve asset offers shareholders direct exposure to what it views as the backbone of next-generation finance.