SharpLink Gaming (SBET), a Nasdaq-listed ether treasury firm, said it has raised $200 million to buy more ether (ETH) in expectation of boosting its holdings to more than $2 billion worth of the second-largest cryptocurrency.

The Minneapolis-based company entered into a securities purchase agreement with four institutional investors to raise the capital through a direct offering at a price of $19.50 per share, it said in a statement.

The firm's ether holdings sit at 521,939 ETH as of its latest purchases, worth just under $2 billion based on ether's price of $3,830.65 at the time of writing.

SharpLink shares rose around 3.3% at $22.97 in the late U.S. morning on Thursday, following ETH's 4.5% rally over 24 hours to reclaim the $3,800 level.

The company is one of a growing number to adopt an ether treasury strategy, raising funds to accumulate ETH and staking the tokens in exchange for rewards.

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