SharpLink Gaming said it has entered agreements with institutional investors to sell about $200 million of common stock at $19.50 a share, with the entire proceeds earmarked for additional Ether purchases. The offering, slated to close on Aug. 8, would push the Nasdaq-listed company’s cryptocurrency treasury above $2 billion, accelerating a pivot away from its original sports-betting technology business. The capital raise follows SharpLink’s acquisition of 83,561 Ether earlier this week for roughly $300 million, which lifted its holdings to 521,939 coins. Subsequent on-chain data indicate the firm has already added more, bringing its balance above 540,000 tokens worth about $2.1 billion at current prices. All of the Ether is staked, producing around 929 coins in rewards since June. Chaired by Ethereum co-founder Joseph Lubin, SharpLink now ranks as the second-largest corporate holder of the cryptocurrency, behind BitMine Immersion Technologies. SharpLink’s buying spree coincides with a sharp rally in Ether. The token broke above $4,000 on Aug. 8 for the first time since December 2024 and climbed to about $4,300 over the weekend, boosting its market value beyond $515 billion and briefly eclipsing Netflix’s capitalization. Ether remains roughly 14% below its 2021 record high but has surged more than 50% in the past month amid growing institutional inflows and the rise of so-called ‘Ethereum treasury’ strategies adopted by companies such as SharpLink.