SharpLink Stock Is Trading Higher Monday: What's Going On?

SharpLink Gaming, Inc. (NASDAQ:SBET) shares are volatile Monday after the company entered into securities purchase agreements with five global institutional investors.

What To Know: The $400 million registered direct offering was priced at $21.76 per share and is expected to generate gross proceeds of approximately $400 million before deducting placement agent commissions and other expenses.

Combined with about 598,800 Ethereum (CRYPTO: ETH) held as of Aug. 10 and approximately $200 million in at-the-market proceeds yet to be deployed, the company's ETH holdings are projected to exceed $3 billion in value.

Co-CEO Joseph Chalom said the capital raises of nearly $900 million over the past week reflect investor trust in SharpLink's ETH treasury strategy and Ethereum's potential.

See Also: Why Quantum BioPharma (QNTM) Stock Is Soaring Today

SBET Price Action: At the time of writing, SharpLink stock is trading 1.94% lower at $23.52, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.