SharpLink Gaming (NASDAQ: SBET) updates ETH holdings and ATM stock sales

Rhea-AI Filing Summary

SharpLink Gaming updated investors on its Ethereum strategy and recent stock sales. Between August 10 and August 17, 2025, the company bought 143,593 ETH for about $667.4 million, at a weighted average price of $4,648 per ETH, using proceeds from a prior at-the-market program and a registered direct offering. As of August 17, 2025, total ETH holdings were 740,760 ETH, with 1,388 ETH earned as staking rewards since the ETH treasury strategy began on June 2, 2025, and substantially all ETH deployed in staking, including liquid staking. The company also disclosed that from August 10 to August 15, 2025, it sold 6.6 million common shares under its at-the-market facility, generating net proceeds of about $146.5 million.

Insights

Equity and digital-assets strategy analyst

SharpLink shifts heavily into ETH while raising cash via an ATM.

SharpLink Gaming reports significant activity in both its capital markets usage and digital-asset strategy. It raised about $146.5 million by selling 6.6 million common shares through an at-the-market facility between August 10 and August 15, 2025. In parallel, between August 10 and August 17, 2025, it deployed roughly $667.4 million to acquire 143,593 ETH at a weighted average price of $4,648 per ETH.

As of August 17, 2025, the company held 740,760 ETH, with substantially all used in staking or liquid staking activities, and had generated 1,388 ETH in staking rewards since launching its ETH treasury strategy on June 2, 2025. The disclosure also notes that aspects of these staking activities may be subject to government regulation and guidance that can change, highlighting regulatory and operational uncertainty around this treasury approach.

For investors, the combination of sizable equity issuance and large ETH purchases indicates an increased balance-sheet exposure to Ethereum price movements and staking outcomes. Future company filings and disclosures will be important in tracking how these ETH holdings, staking rewards, and any evolving regulation affect SharpLink’s financial position.

false 0001981535 0001981535 2025-08-19 2025-08-19 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

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 19, 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 19, 2025, SharpLink Gaming, Inc. (the “Company”) issued a press release announcing the Company’s ETH holdings to date and net proceeds from the Sales Agreement, dated May 30, 2025, as amended, between the Company and A.G.P./Alliance Global Partners, as Sales Agent (the “ATM Facility”) as well as a registered direct offering that closed on August 11, 2025 (the “Registered Offering”). 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 10, 2025 through August 17, 2025, the Company acquired 143,593 ETH for an aggregate purchase price of approximately $667.4 million (inclusive of fees and expenses) at a weighted average purchase price per ETH of $4,648 (inclusive of fees and expenses). The purchases were made using the proceeds the Company received from the ATM Facility and Registered Offering as described herein. The Company engages in staking activities with respect to its ETH (“ETH Holdings”). As of August 17, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking (“Staking Activities”). As of August 17, 2025, the Company’s aggregate ETH Holdings were 740,760. As of August 17, 2025, the Company has generated 1,388 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 10, 2025, through August 15, 2025, the Company sold a total of 6.6 million shares of the Company’s common stock, par value $0.0001 per share, for net proceeds of approximately $146.5 million pursuant to the ATM Facility.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated August 19, 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 19, 2025	SHARPLINK GAMING, INC.
	/s/ Rob Phythian
	Rob Phythian
	Chief Executive Officer

FAQ

How much ETH does SharpLink Gaming (SBET) currently hold?

As of August 17, 2025, SharpLink Gaming’s aggregate ETH holdings were 740,760 ETH. Substantially all of these holdings were deployed in staking, including liquid staking.

What ETH purchases did SharpLink Gaming (SBET) recently make?

From August 10 to August 17, 2025, the company acquired 143,593 ETH for an aggregate purchase price of about $667.4 million, at a weighted average price of $4,648 per ETH, including fees and expenses.

How much has SharpLink Gaming (SBET) raised through its at-the-market facility?

Between August 10 and August 15, 2025, SharpLink Gaming sold 6.6 million shares of common stock under its at-the-market facility, generating net proceeds of approximately $146.5 million.

What staking rewards has SharpLink Gaming (SBET) earned from its ETH holdings?

Since launching its ETH treasury strategy on June 2, 2025, the company has generated 1,388 ETH in staking rewards as of August 17, 2025.

How is SharpLink Gaming (SBET) using the ETH it holds?

The company states that as of August 17, 2025, substantially all of its ETH holdings were deployed in staking activities, including through liquid staking.

Are SharpLink Gaming’s (SBET) ETH staking activities subject to regulation?

The company notes that aspects of its staking activities may be subject to government regulation and guidance that can change over time.