SharpLink Gaming said it has entered a $400 million registered direct offering with five global institutional investors, selling shares at $21.76 each. Alliance Global Partners is acting as the sole placement agent, and the transaction is expected to close on 12 August, subject to customary conditions. Proceeds will be used to expand the online sports-marketing firm’s Ethereum holdings. SharpLink currently owns 598,800 ETH—valued at roughly $2.5 billion—and also holds $200 million in at-the-market sale proceeds raised last week. Management expects the additional capital to push its crypto treasury past $3 billion, moving the company closer to its goal of controlling about 1 percent of Ethereum’s circulating supply. The latest deal brings SharpLink’s total fundraising to almost $900 million in less than seven days and highlights a broader trend of public companies adding Ethereum to their balance sheets. Standard Chartered estimates corporate treasuries could soon account for 10 percent of all ETH outstanding. Ethereum last traded around $4,220, up 13.5 percent over the past week, while SharpLink shares swung from an intraday high of $28 to finish Monday down 6.6 percent at $22.34, though the stock remains up 17 percent for the week.