The second largest publicly traded ether tax company, SharpLink Gaming (SBET), has raised $76.5 million in a direct equity offering at an above-market price.
The Minneapolis-based company said in a press release that it sold 4.5 million shares at $17 a share.
The sale price also reflected a premium to the company’s net asset value of its 840,124 ETH holdings, reflecting what the company called “strong institutional confidence” in its strategy.
An unnamed institutional investor bought the shares and received a 90-day option to buy an additional 4.5 million shares at $17.50.
The firm’s ether holdings are second only to Bitmine Immersion Technologies (BMNR), which currently has 3.03 million ETH in its treasury.
SBET is higher by 3.7 at $15.57 in early Thursday trading along with a modest jump in the price of ETH to back above $4,000.
