SharpLink Gaming (NASDAQ: SBET) boosts ETH holdings with $360.9M raise

Rhea-AI Filing Summary

SharpLink Gaming detailed a major shift into Ethereum and related financing activity. Between August 18 and August 24, 2025, the company acquired 56,533 ETH for an aggregate purchase price of approximately $252.2 million, at a weighted average price of $4,462 per ETH, funded with proceeds from its at-the-market equity facility. As of August 24, 2025, its total ETH holdings were 797,704 and substantially all were deployed in staking, including liquid staking, with 1,799 ETH earned as staking rewards since launching its ETH treasury strategy on June 2, 2025.

To fund this strategy, from August 18 to August 22, 2025, SharpLink sold 18.6 million shares of common stock under its sales agreement, generating net proceeds of approximately $360.9 million. The company notes that aspects of its ETH staking activities may be subject to government regulation and guidance that can change over time.

Positive

• None.

Negative

• Significant equity dilution and concentrated crypto exposure: Raising approximately $360.9 million via sales of 18.6 million new shares to fund large ETH purchases and staking materially increases shareholder dilution and ties company value more closely to Ethereum price and regulatory risk.

Insights

Digital assets and capital markets analyst

SharpLink is funding a large ETH treasury and staking strategy with sizable equity issuance, concentrating risk in crypto markets.

SharpLink Gaming reports that from August 18–24, 2025 it bought 56,533 ETH for about $252.2 million, at an average of $4,462 per ETH, using proceeds from its equity sales facility. As of August 24, 2025, it held 797,704 ETH and states that substantially all of this is deployed in staking, including liquid staking. Since launching its ETH treasury strategy on June 2, 2025, it has generated 1,799 ETH in staking rewards, showing rapid buildup of on-chain exposure.

On the financing side, between August 18 and August 22, 2025 the company sold 18.6 million common shares through its at-the-market facility, raising net proceeds of about $360.9 million. This structure can introduce dilution for existing shareholders while supplying the cash used to accumulate ETH. The filing also notes that aspects of its staking activities may be subject to government regulation and guidance that is subject to change, highlighting policy risk on top of crypto price volatility.

The combination of large ETH holdings, extensive staking, and recent sizable equity issuance represents a material change in SharpLink’s risk profile toward digital assets. Future company disclosures will be important for tracking how ETH prices, staking rewards, and any evolving regulation affect this strategy.

8-K Event Classification

3 items: 7.01, 8.01, 9.01

3 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 26, 2025

SHARPLINK GAMING, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41962		87-4752260
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

333 Washington Avenue North, Suite 104, Minneapolis, Minnesota		55402
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (612) 293-0619

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock, $0.0001 per share		SBET		The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On August 26, 2025, SharpLink Gaming, Inc. (the “Company”) issued a press release announcing the Company’s ETH holdings to date and net proceeds from the Amended and Restated Sales Agreement, dated August 19, 2025, between the Company, A.G.P./Alliance Global Partners, Canaccord Genuity LLC, SG Americas Securities, LLC, B. Riley Securities, Inc., and Citizens JMP Securities, LLC as Sales Agents (the “ATM Facility”). The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this item 7.01 by reference.

The information in this Item 7.01 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1 is being furnished to the U.S. Securities and Exchange Commission, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.

Item 8.01 Other Events.

ETH Update

During the period from August 18, 2025 through August 24, 2025, the Company acquired 56,533 ETH for an aggregate purchase price of approximately $252.2 million (inclusive of fees and expenses) at a weighted average purchase price per ETH of $4,462 (inclusive of fees and expenses). The purchases were made using the proceeds the Company received from the ATM Facility as described herein. The Company engages in staking activities with respect to its ETH (“ETH Holdings”). As of August 24, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking (“Staking Activities”). As of August 24, 2025, the Company’s aggregate ETH Holdings were 797,704. As of August 17, 2025, the Company has generated 1,799 ETH staking rewards, since launching its ETH treasury strategy on June 2, 2025. We note that aspects of our Staking Activities may be subject to government regulation and guidance subject to change.

At-the-Market Facility

During the period from August 18, 2025, through August 22, 2025, the Company sold a total of 18.6 million shares of the Company’s common stock, par value $0.0001 per share, for net proceeds of approximately $360.9 million pursuant to the ATM Facility.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated August 26, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 26, 2025	SHARPLINK GAMING, INC.
	/s/ Rob Phythian
	Rob Phythian
	Co-Chief Executive Officer

FAQ

What ETH purchases did SharpLink Gaming (SBET) disclose in this 8-K?

SharpLink Gaming reported that between August 18 and August 24, 2025, it acquired 56,533 ETH for an aggregate purchase price of approximately $252.2 million, at a weighted average purchase price of $4,462 per ETH, inclusive of fees and expenses.

How large are SharpLink Gaming’s total ETH holdings as of August 24, 2025?

As of August 24, 2025, SharpLink Gaming’s aggregate ETH holdings were 797,704. The company states that substantially all of these ETH holdings were deployed in staking, including through liquid staking.

How much has SharpLink Gaming earned from ETH staking so far?

SharpLink Gaming disclosed that as of August 17, 2025, it had generated 1,799 ETH in staking rewards since launching its ETH treasury strategy on June 2, 2025.

How much capital did SharpLink Gaming raise through its at-the-market facility?

During the period from August 18, 2025 through August 22, 2025, SharpLink Gaming sold a total of 18.6 million shares of common stock under its sales agreement, receiving net proceeds of approximately $360.9 million.

How is SharpLink Gaming funding its ETH purchases and staking strategy?

The company states that the ETH purchases were made using proceeds from its Amended and Restated Sales Agreement with several sales agents. Between August 18 and August 22, 2025, it raised about $360.9 million in net proceeds by selling 18.6 million shares of common stock under this facility.

What regulatory considerations did SharpLink Gaming mention about its ETH staking activities?

SharpLink Gaming notes that aspects of its staking activities may be subject to government regulation and guidance that is subject to change, indicating potential regulatory risk around its ETH staking operations.