PANews reported on October 16 that Minneapolis-based SharpLink Gaming (NASDAQ: SBET) announced a $76.5 million registered direct offering agreement with an institutional investor to issue 4.5 million shares of common stock at $17 per share, a 12% premium to the closing price of $15.15 on October 15. The price is also higher than the net asset value of the company's holdings of more than 840,000 ETH.

Investors also received a 90-day premium subscription right to purchase an additional 4.5 million shares at $17.5 per share before January 15, 2026. If fully exercised, the company will receive approximately $78.8 million.