SharpLink Gaming said Thursday it has entered into agreements with four institutional investors to sell roughly $200 million of its common stock in a registered direct offering priced at $19.50 a share. The Nasdaq-listed sports-betting technology company plans to use the proceeds to purchase additional Ether as it expands a digital-asset strategy launched in June. The Minneapolis-based firm has already accumulated 521,939 ETH—valued at about $1.9 billion at recent prices—after buying 83,561 tokens for $264.5 million last week. All of SharpLink’s holdings are staked on the Ethereum network, generating 929 ETH in rewards since June, according to recent filings. Joseph Lubin, a co-founder of Ethereum, chairs the company’s board. SharpLink’s latest capital raise underscores a broader wave of corporate demand for Ethereum. Hours after the company’s announcement, Fundamental Global Inc. filed plans for a $5 billion shelf offering, also earmarked for Ether purchases. The moves mirror MicroStrategy’s Bitcoin-focused playbook and tighten competition among public firms racing to build the largest ETH treasuries.