SharpLink Gaming Inc. said it has entered securities purchase agreements with five global institutional investors to raise $400 million through a registered direct offering priced at $21.76 a share. A.G.P./Alliance Global Partners is the sole placement agent and Cantor is acting as financial adviser. The deal is expected to close on or about Aug. 12, subject to customary conditions. The Minneapolis-based company plans to use the proceeds to expand its Ethereum treasury strategy. Combined with roughly 598,800 ETH already held and about $200 million in at-the-market proceeds awaiting deployment, SharpLink projects its Ether position will exceed $3 billion once the new capital is invested. Including the latest financing, SharpLink has raised nearly $900 million in the past week, according to company statements. Blockchain trackers show the firm recently added about 5,226 ETH—valued at roughly $23 million—bringing its stash to just over 604,000 tokens. A separate SEC filing indicates the company may issue up to 18.4 million additional shares, highlighting potential dilution for existing holders. SharpLink’s move comes amid growing interest in publicly traded digital asset treasury companies. Venture firm Pantera Capital disclosed this week that it has committed more than $300 million to such businesses, underscoring rising institutional appetite for equity vehicles that provide leveraged exposure to cryptocurrencies like Ethereum.