SharpLink Gaming shares slipped Thursday even as analysts projected roughly 200% upside for the stock and the company announced a $76.5 million equity sale priced above market to expand its ether holdings.
The Minneapolis-based Ethereum treasury firm, which pivoted from online gaming in June, sold 4.5 million shares at $17 each, a 12% premium to Wednesday’s close of $15.15, and granted investors a 90-day option to buy another 4.5 million shares at $17.50.
SBET traded around $14.82 at midday Thursday, down roughly 13% over the past month, giving the company a market capitalization just shy of $3 billion, according to The Block price data.
SharpLink Gaming (SBET) stock price. Source: The Block price page
"This is a novel equity sale transaction that is both accretive to stockholders and strategically structured, reflecting strong institutional confidence in SharpLink and our long-term vision," said co-CEO Joseph Chalom in the sale announcement, adding that the funds will allow the company to "continue accumulating ETH and increasing ETH-per-share for our investors."
The raise came as analysts at Citizens JMP Securities initiated coverage with a "market outperform" rating and a $50 price target, projecting SharpLink’s net-asset value per share to climb from under $20 to about $35 by the end of 2026. The firm described SharpLink as "a differentiated vehicle to gain exposure to Ethereum's growth and yield generation" that could trade at a premium to its ETH-backed net asset value.
SharpLink has been competing closely with BitMine Immersion Technologies, another U.S.-listed Ethereum treasury company that began accumulating ETH in August and quickly overtook SharpLink’s holdings that same month.
According to Arkham data, BitMine, led by chairman Tom Lee, now holds over 3 million ETH, representing about 2.5% of the total supply, while SharpLink’s treasury stands at around 839,000 ETH. BitMine’s latest addition — roughly 104,000 ETH worth $417 million on Wednesday — widened that gap further.
Ether was trading around $3,915 at the time of press, down over 9% on the week, according to The Block’s price data.
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