The second-largest publicly traded ether treasury company, SharpLink Gaming (SBET), has raised $76.5 million in a direct share offering at an above-market price.
The Minneapolis-based company said in a news release that it sold 4.5 million shares at $17 per share, a 12% premium over its closing price of $15.15 on Oct. 15.
The sale price also reflected a premium to the company’s net asset value of its 840,124 ETH holdings, reflecting what the company called “strong institutional confidence” in its strategy.
An anonymous institutional investor bought the shares and received a 90-day option to buy another 4.5 million shares at $17.50.
The company’s ether holdings are second only to those of Bitmine Immersion Technologies (BMNR), which currently has 3.03 million ETH in its treasury.
SBET rose 3.7 to $15.57 in early trading on Thursday along with a modest rebound in ETH price to retreat above $4,000.
