SharpLink Gaming (SBET) builds 837,230 ETH stake, raises $46.6M via ATM

Rhea-AI Filing Summary

SharpLink Gaming, Inc. reported significant recent activity in its Ethereum (ETH) treasury strategy and at-the-market (ATM) equity program. Between August 25 and August 31, 2025, the Company acquired 39,008 ETH for an aggregate purchase price of approximately $176.7 million, at a weighted average price of $4,531 per ETH, funded with proceeds from its existing sales agreement facility. As of August 31, 2025, SharpLink’s aggregate ETH holdings were 837,230 ETH, with 2,318 ETH earned as staking rewards since launching its ETH treasury strategy on June 2, 2025, and substantially all ETH deployed in staking, including liquid staking. Over the same August 25–29, 2025 period, the Company sold 2.4 million shares of common stock through the Facility, generating approximately $46.6 million in net proceeds.

Positive

• None.

Negative

• Significant equity dilution risk: the company sold 2.4 million common shares for approximately $46.6 million in a short period under its at-the-market facility, increasing the share count and potentially diluting existing holders.
• Concentrated and regulated crypto exposure: ETH holdings reached 837,230 ETH, with substantially all deployed in staking, and the company warns that aspects of these staking activities may be subject to changing government regulation and guidance.

Insights

Crypto treasury and equity capital markets analyst

SharpLink is rapidly building a large staked ETH position funded by sizable ATM stock sales.

SharpLink has accelerated its ETH-focused treasury strategy, purchasing 39,008 ETH for about $176.7 million at an average price of $4,531 per ETH between August 25 and 31, 2025. This brings total ETH holdings to 837,230 ETH, with 2,318 ETH earned as staking rewards since the strategy began on June 2, 2025, and the company states that substantially all holdings are deployed in staking, including liquid staking.

The filing also shows SharpLink tapping its at-the-market equity facility heavily over a short window. Between August 25 and 29, 2025, it sold 2.4 million common shares for approximately $46.6 million in net proceeds under the Facility. That indicates a meaningful reliance on equity issuance to fund its ETH acquisitions and related activities, which can dilute existing shareholders.

The company notes that aspects of its staking activities may be subject to government regulation and guidance that can change, highlighting regulatory risk around how these ETH-based and staking strategies are treated. Future company communications and filings describing changes in staking regulation or further large ETH purchases or ATM usage will be important for understanding how this approach evolves.

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): September 2, 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 September 2, 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 25, 2025 through August 31, 2025, the Company acquired 39,008 ETH for an aggregate purchase price of approximately $176.7 million (inclusive of fees and expenses) at a weighted average purchase price per ETH of $4,531 (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 31, 2025, substantially all of the ETH Holdings were deployed in staking, including through liquid staking (“Staking Activities”). As of August 31, 2025, the Company’s aggregate ETH Holdings were 837,230. As of August 31, 2025, the Company has generated 2,318 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 25, 2025, through August 29, 2025, the Company sold a total of 2.4 million shares of the Company’s common stock, par value $0.0001 per share, for net proceeds of approximately $46.6 million pursuant to the ATM Facility.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated September 2, 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: September 2, 2025	SHARPLINK GAMING, INC.
	/s/ Rob Phythian
	Rob Phythian
	Co-Chief Executive Officer

FAQ

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

SharpLink Gaming disclosed that from August 25 to August 31, 2025, it acquired 39,008 ETH for an aggregate purchase price of approximately $176.7 million, at a weighted average price of $4,531 per ETH, inclusive of fees and expenses.

How large are SharpLink Gaming’s ETH holdings as of August 31, 2025?

As of August 31, 2025, SharpLink Gaming reported aggregate ETH holdings of 837,230 ETH, with substantially all of these holdings deployed in staking, including through liquid staking.

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

Since launching its ETH treasury strategy on June 2, 2025, SharpLink Gaming has generated 2,318 ETH in staking rewards from its ETH holdings.

How is SharpLink Gaming funding its ETH purchases?

The company stated that its recent ETH purchases were made using proceeds received from its Amended and Restated Sales Agreement facility with several sales agents, referred to as the Facility.

What recent stock sales did SharpLink Gaming make under its at-the-market facility?

Between August 25 and 29, 2025, SharpLink Gaming sold a total of 2.4 million shares of its common stock, par value $0.0001 per share, for net proceeds of approximately $46.6 million under the Facility.

What regulatory risks does SharpLink Gaming highlight about its ETH staking activities?

The company notes that aspects of its ETH staking activities may be subject to government regulation and guidance that can change, indicating potential regulatory risk around these operations.