SharpLink Gaming, a sports betting marketing firm, reported a loss at the close of trading following its announcement of a $400 million deal to acquire more Ether.
Details of the $400 Million Deal
SharpLink Gaming announced it entered into a share purchase agreement with five global institutional investors to boost its Ether holdings, which are expected to exceed $3 billion in value. The shares were sold for $21.76 each for total proceeds of $400 million and the deal is set to close on Tuesday, subject to certain conditions.
Stock Performance of SharpLink Gaming
Following the announcement, shares of SharpLink Gaming (SBET) closed down over 6.6% at $22.34. However, they slightly recovered after hours, gaining nearly 3.5% to $23.10. The drop reversed some of the gains the stock had made in the previous five trading days, having soared to over $28 earlier on Monday.
Market Trends for Ether
Ether has seen a resurgence, nearing its all-time high after months of lagging behind Bitcoin. Over the past 30 days, ETH has risen 44.5%, climbing from below $3,000 to highs above $4,300. It is currently trading at $4,278, just over 12% off its all-time high of $4,878 reached on November 10, 2021.
SharpLink Gaming remains successful despite recent stock fluctuations and plans to expand its Ether reserves amid growing interest in cryptocurrencies.
