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SharpLink Gaming plans to raise $1 billion to purchase ETH.
PANews, May 31 - SharpLink Gaming submitted Form S-3 ASR to the US SEC, registering a total scale of securities not exceeding $1 billion for the future issuance of common stock depending on market conditions. After this issuance, the maximum number of common stock issued can reach 72,051,288 shares. The majority of the proceeds from this issuance will be used to purchase the native crypto asset Ether (ETH) on the Ethereum blockchain, and it is also planned to use the proceeds for working capital needs, general corporate purposes, operating expenses, etc. According to previous news, SharpLink Gaming announced that it will complete a private placement financing of approximately $425 million, with Consensys as the lead investor, and the transaction is expected to be completed on May 29. The financing funds will be used to purchase Ethereum (ETH) and establish ETH as the company's primary reserve asset.