# EDGAR Filing Document

**Accession Number:** 0001981535
**File Stem:** 0001641172-25-018680
**Filing Date:** 2025-7
**Character Count:** 34575
**Document Hash:** 70b26a2ab3e7efc33c508fd7246cb22d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-018680.hdr.sgml**: 20250711

**ACCESSION NUMBER**: 0001641172-25-018680

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250707

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250711

**DATE AS OF CHANGE**: 20250711

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SharpLink Gaming, Inc.
- **CENTRAL INDEX KEY:** 0001981535
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41962
- **FILM NUMBER:** 251117582

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WASHINGTON AVE. NORTH
- **STREET 2:** SUITE 104
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** (612) 293-0619

**MAIL ADDRESS:**
- **STREET 1:** 333 WASHINGTON AVE. NORTH
- **STREET 2:** SUITE 104
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

?xml version='1.0' encoding='ASCII'?

**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): July 7, 2025**

---

| |
|:---|
| **SHARPLINK GAMING, INC.** |
| (Exact Name of Registrant as Specified in Its Charter) |

---

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| | | |
|:---|:---|:---|
| **Delaware** | **001-41962** | **87-4752260** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **333 Washington Avenue North, Suite 104**<br> **Minneapolis, Minnesota** | **55402** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>(612) 293-0619</u>**

(Registrant's Telephone Number, Including Area Code)

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 (*see* General Instruction A.2. below):

☐ 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:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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 1.01 Entry into a Material Definitive Agreement.**

*ETH Sale and Purchase Agreement*

 

On July 7, 2025, SharpLink Gaming, Inc. (the "Company") entered into an ETH Sale and Purchase Agreement (the "Purchase Agreement") with Ethereum Foundation (the "Seller"). Pursuant to the Purchase Agreement, the Company agreed to purchase from the Seller 10,000 ETH on Ethereum mainnet (the "Tokens") in exchange for $25,723,680 (the "Purchase Price"), which equates to a price per ETH of $2,572.368. The Purchase Price per ETH was the average weighted price of ETH for the 24-hour period beginning at 12:00 a.m. UTC on July 8, 2025. Upon delivery, the Tokens are deemed irrevocable and all right, title and interest in or to the Tokens shall have passed to the Company upon the first block confirmation of the transfer transactions on Ethereum mainnet. The Tokens purchased have not previously been included in any prior disclosure from the Company as to its balance of ETH holdings.

The Purchase Agreement contains customary representations, warranties, and agreements by the Company, indemnification obligations of the Company, along with other obligations of the parties and termination provisions.

The Purchase Agreement closed on July 10, 2025.

*Letter Agreements*

On July 8, 2025, the Company entered into letter agreements (the "July 8 Letter Agreements") with holders (the "Holders") of the Company's (i) common stock, par value $0.0001 (the "Common Stock") and pre-funded warrants (the "Private Placement Pre-Funded Warrants"), which were issued in connection with the Company's private placement pursuant to the Securities Purchase Agreement dated as of May 26, 2025 (the "Private Placement Purchase Agreement"), (ii) Strategic Advisor Warrants issued pursuant to the Strategic Advisor Agreement entered into by the Company and the investor signatory thereto on May 30, 2025 (the "Strategic Advisor Warrants") and (iii) Placement Agent Warrants, which were issued pursuant to the Placement Agency Agreement entered into by the Company and the Placement Agent on May 26, 2025 (the "Placement Agent Warrants").

On July 10, 2025, the Company entered into letter agreements (the "Letter Agreement with Consensys" and the "Letter Agreement with Joseph Lubin" together with the July 8 Letter Agreements, the "Letter Agreements") with Consensys Software Inc. ("Consensys") and Joseph Lubin who both are holders of the Company's (i) Common Stock and Private Placement Pre-Funded Warrants, which were issued in connection with the Company's private placement pursuant to the Purchase Agreement; and Consensys who are holders of the Company's (ii) Common Stock and pre-funded warrants (the "Best Efforts Pre-Funded Warrants"), which were issued in connection with the Company's Registration Statement on Form S-1, as amended (File No. 333- 286964) pursuant to the Securities Purchase Agreement dated as of May 20, 2026 (the "Best Efforts Purchase Agreement").

Pursuant to Section 4.9 of the Private Placement Purchase Agreement and Section 4.9 of the Best Efforts Purchase Agreement, the Company agreed to reserve and keep available at all times a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue shares in accordance with the Private Placement Purchase Agreement and the Best Efforts Purchase Agreement, and the shares underlying the exercise of any Strategic Advisor Warrants, Placement Agent Warrants, Private Placement Pre-Funded Warrants, and Best Efforts Pre-Funded Warrants (the "SPA Reserve Provision").

Pursuant to the Letter Agreements, the Holders waive the SPA Share Reserve Provision such that the Company may reserve for issuance under the ATM Sales Agreement between the Company and A.G.P./Alliance Global Partners, entered into on May 30, 2025 (the "ATM Facility"), any of the authorized shares of Common Stock that would otherwise be reserved for issuance under the Strategic Advisor Warrants, Placement Agent Warrants, Private Placement Pre-Funded Warrants, and Best Efforts Pre-Funded Warrants, with the understanding that (i) the Company may issue such shares pursuant to the ATM Facility at any time after the execution of the Letter Agreements and before the date on which the Company receives the requisite stockholder approval (the "Stockholder Approval") to increase the Company's authorized shares (the "Permitted ATM Sales"), and (ii) following the receipt of the Stockholder Approval with respect to the authorized share increase, the Company shall reserve the shares underlying the Placement Agent Warrants, Strategic Advisor Warrants, Private Placement Pre-Funded Warrants, and Best Efforts Pre-Funded Warrants.

The Company is not obligated to issue or sell any of its common stock under the ATM Facility and there is no assurance that it will choose to or be able to issue or sell its common stock under the ATM Facility for a significant amount of proceeds, if any. In addition, while the Company's special meeting to consider the Stockholder Approval is scheduled for July 24, 2025, there can be no assurance that the Stockholder Approval will be obtained at this special meeting or otherwise.

The foregoing summaries do not purport to be complete and are qualified in their entirety by the full texts of the Letter Agreement for Strategic Advisor Warrants, the Letter Agreement for Placement Agent Warrants, the Letter Agreement with Consensys, and the Letter Agreement with Joseph Lubin, copies of which are attached as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3, and Exhibit 10.4 respectively, to this Current Report on Form 8-K and are incorporated by reference herein.

**Item 7.01 Regulation FD Disclosure.**

On July 11, 2025, the Company issued a press release announcing the Purchase Agreement. 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 9.01 Financial Statements and Exhibits**

(a) Exhibits

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| | |
|:---|:---|
| **Number** | **Description** |
| 10.1 | [Form of Letter Agreement for Strategic Advisor Warrants.](ex10-1.htm) |
| 10.2 | [Form of Letter Agreement for Placement Agent Warrants.](ex10-2.htm) |
| 10.3 | [Form of Letter Agreement with Consensys Software Inc.](ex10-3.htm) |
| 10.4 | [Form of Letter Agreement with Joseph Lubin](ex10-4.htm) |
| 99.1 | [Press Release dated July 11, 2025.](ex99-1.htm) |
| 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.

---

| | | |
|:---|:---|:---|
|  | **SHARPLINK GAMING, INC.** | **SHARPLINK GAMING, INC.** |
| Date: July 11, 2025 | By: | */s/ Rob Phythian* |
|  | Name: | Rob Phythian |
|  | Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1** 

July 8, 2025

SharpLink Gaming, Inc.

333 Washington Avenue North, Suite 104

Minneapolis, Minnesota 55402

Attention: Rob Phythian

**Re: Letter Agreement**

Ladies and Gentlemen:

Reference is made to (i) that certain Securities Purchase Agreement, dated as of May 26, 2025 (the "**Purchase Agreement**"), by and between the Company and the Investor, entered into in connection with the Company's private placement pursuant to the Purchase Agreement and other securities purchase agreements with certain institutional investors (collectively, with the Purchase Agreement, the "**Purchase Agreements**") pursuant to which the Company sold Common Stock and Pre-Funded Warrants for gross proceeds of approximately $425 million (the "**Private Placement**") and (ii) the Strategic Advisor Warrants issued pursuant to the Strategic Advisor Agreement entered into by the Company and the Investor on May 30, 2025 (the "**Strategic Advisor Warrants)**. Capitalized terms used but not defined in this letter shall have the meanings ascribed to them in the Purchase Agreement.

Pursuant to Section 4.9 of the Purchase Agreement, the Company agreed to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to Purchase Agreement, Warrant Shares pursuant to any exercise of the Warrants, Placement Agent Warrant Shares pursuant to the exercise of the Placement Agent Warrants and Strategic Advisor Warrant Shares pursuant to Strategic Advisor Warrants (the "**SPA Reserve Provision**").

The Investor hereby waives the SPA Share Reserve Provision such that the Company may reserve for issuance under the ATM Facility any of the authorized shares of Common Stock that would otherwise be reserved for issuance under the Strategic Advisor Warrants with the understanding that (i) the Company may issue such shares pursuant to the ATM Facility at any time from and after the date hereof and before the date that the Company receives the requisite stockholder approval (the "**Stockholder Approval**") to increase the Company's authorized shares (the "**Permitted ATM Sales**"), and (ii) following the receipt of the Stockholder Approval with respect to the authorized share increase, the Company shall reserve the shares underlying the Strategic Advisor Warrants. The Company will also make good faith efforts to obtain the Stockholder Approval in a reasonable time frame.

The Investor also hereby consents to the Company disclosing this letter agreement in its SEC Reports.

In connection with the foregoing, the Investor represents and warrants to the Company that the Investor (a) is the sole owner of, and has good and lawful title to, the Strategic Advisor Warrants free of any lien or encumbrance, except for restrictive legends relating to compliance with the Securities Act and (b) has all requisite authority to enter into this agreement and perform its obligations hereunder. The Investor further acknowledges and agrees that the Strategic Advisor Warrants may not be sold, transferred, pledged or assigned unless, in addition to the other procedures set forth in the Strategic Advisor Warrants, the recipient of the Strategic Advisor Warrants agrees in writing to be subject to all of the terms and conditions of this letter agreement as if it were an original party hereto.

The Company acknowledges and agrees that, except for the waivers, consents and agreements set forth above, the surviving obligations under the Strategic Advisor Warrants and the Purchase Agreement remain unmodified and in full force and effect.

[Signature Pages Follows]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| CONSENSYS SOFTWARE INC. | CONSENSYS SOFTWARE INC. |
| By: | */s/ Matt Corva* |
| Name: | Matt Corva |
| Title: | General Counsel |

---

Signature Page to Letter Agreement

---

| | |
|:---|:---|
| Acknowledged and accepted: | Acknowledged and accepted: |
| SHARPLINK GAMING, INC. | SHARPLINK GAMING, INC. |
| By: | */s/ Rob Phythian* |
| Name: | Rob Phythian |
| Title: | Chairman and Chief Executive Officer |

---

Signature Page to Letter Agreement

## Exhibit 10.2

**Exhibit 10.2** 

July 8, 2025

SharpLink Gaming, Inc.

333 Washington Avenue North, Suite 104

Minneapolis, Minnesota 55402

Attention: Rob Phythian

**Re: Letter Agreement**

Ladies and Gentlemen:

Reference is made to (i) that certain Securities Purchase Agreement, dated as of May 26, 2025 (the "**Purchase Agreement**"), by and between the Company and the Placement Agent, entered into in connection with the Company's private placement pursuant to the Purchase Agreement and other securities purchase agreements with certain institutional investors (collectively, with the Purchase Agreement, the "**Purchase Agreements**") pursuant to which the Company sold Common Stock and Pre-Funded Warrants for gross proceeds of approximately $425 million (the "**Private Placement**") and (ii) the Placement Agent Warrants issued pursuant to the Placement Agency Agreement entered into by the Company and the Placement Agent on May 26, 2025 (the "**Placement Agent Warrants**"). Capitalized terms used but not defined in this letter shall have the meanings ascribed to them in the Purchase Agreement.

Pursuant to Section 4.9 of the Purchase Agreement, the Company agreed to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to Purchase Agreement, Warrant Shares pursuant to any exercise of the Warrants, Placement Agent Warrant Shares pursuant to the exercise of the Placement Agent Warrants and Strategic Advisor Warrant Shares pursuant to Strategic Advisor Warrants (the "**SPA Reserve Provision**").

The Placement Agent hereby waives the SPA Share Reserve Provision such that the Company may reserve for issuance under the ATM Facility any of the authorized shares of Common Stock that would otherwise be reserved for issuance under the Placement Agent Warrants, with the understanding that (i) the Company may issue such shares pursuant to the ATM Facility at any time from and after the date hereof and before the date that the Company receives the requisite stockholder approval (the "**Stockholder Approval**") to increase the Company's authorized shares (the "**Permitted ATM Sales**"), and (ii) following the receipt of the Stockholder Approval with respect to the authorized share increase, the Company shall reserve the shares underlying the Placement Agent Warrants. The Company will also make good faith efforts to obtain the Stockholder Approval in a reasonable time frame.

The Placement Agent also hereby consents to the Company disclosing this letter agreement in its SEC Reports.

In connection with the foregoing, the Placement Agent represents and warrants to the Company that the Placement Agent (a) is the sole owner of, and has good and lawful title to, the Placement Agent Warrants free of any lien or encumbrance, except for restrictive legends relating to compliance with the Securities Act and (b) has all requisite authority to enter into this agreement and perform its obligations hereunder. The Placement Agent further acknowledges and agrees that the Placement Agent Warrants may not be sold, transferred, pledged or assigned unless, in addition to the other procedures set forth in the Placement Agent Warrants, the recipient of the Placement Agent Warrants agrees in writing to be subject to all of the terms and conditions of this letter agreement as if it were an original party hereto.

The Company acknowledges and agrees that, except for the waivers, consents and agreements set forth above, the surviving obligations under the Placement Agent Warrants and the Purchase Agreement remain unmodified and in full force and effect.

[Signature Pages Follows]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| A.G.P./ALLIANCE GLOBAL PARTNERS | A.G.P./ALLIANCE GLOBAL PARTNERS |
| By: | */s/ Tom Higgins* |
| Name: | Thomas J. Higgins |
| Title: | Managing Director |

---

Signature Page to Letter Agreement

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| | |
|:---|:---|
| Acknowledged and accepted: | Acknowledged and accepted: |
| SHARPLINK GAMING, INC. | SHARPLINK GAMING, INC. |
| By: | */s/ Rob Phythian* |
| Name: | Rob Phythian |
| Title: | Chairman and Chief Executive Officer |

---

Signature Page to Letter Agreement

## Exhibit 10.3

**Exhibit 10.3** 

July 10, 2025

SharpLink Gaming, Inc.

333 Washington Avenue North, Suite 104

Minneapolis, Minnesota 55402

Attention: Rob Phythian

**Re: Letter Agreement**

Ladies and Gentlemen:

Reference is made to (i) that certain Securities Purchase Agreement, dated as of May 20, 2025 (the "**Best Efforts Purchase Agreement**"), by and between the Company and the Investor, entered into in connection with the Company's best efforts offering pursuant to the Best Efforts Purchase Agreement in which the Company sold Common Stock and Pre-Funded Warrants for gross proceeds of approximately $4.5 million (the "**Best Efforts Offering**"), (ii) the Pre-Funded Warrants issued pursuant to the Best Efforts Purchase Agreement entered into by the Company and the Investor on May 20, 2025 (the "**Best Efforts Pre-Funded Warrants"**), (iii) that certain Securities Purchase Agreement, dated as of May 26, 2025 (the "**PIPE Purchase Agreement**"), by and between the Company and the Investor, entered into in connection with the Company's private placement pursuant to the PIPE Purchase Agreement and other securities purchase agreements with certain institutional investors (collectively, with the PIPE Purchase Agreement, the "**PIPE Purchase Agreements**", and together, with the Best Efforts Purchase Agreement, the "**Purchase Agreements**") pursuant to which the Company sold Common Stock and Pre-Funded Warrants for gross proceeds of approximately $425 million (the "**Private Placement**") and (ii) the Pre-Funded Warrants issued pursuant to the PIPE Purchase Agreement entered into by the Company and the Investor on May 30, 2025 (the "**PIPE Pre-Funded Warrants"** and, together with the Best Efforts Pre-Funded Warrants, the "**Pre-Funded Warrants**"). Capitalized terms used but not defined in this letter shall have the meanings ascribed to them in the Purchase Agreements.

Pursuant to Section 4.9 of the Best Efforts Purchase Agreement, the Company agreed to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to Best Efforts Purchase Agreement and best efforts pre-funded warrant shares pursuant to any exercise of the Best Efforts Pre-Funded Warrants (the "**Best Efforts SPA Reserve Provision**").

Pursuant to Section 4.9 of the PIPE Purchase Agreement, the Company agreed to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to PIPE Purchase Agreement, Warrant Shares pursuant to any exercise of the Warrants, Placement Agent Warrant Shares pursuant to the exercise of the Placement Agent Warrants and Strategic Advisor Warrant Shares pursuant to Strategic Advisor Warrants (the "**PIPE SPA Reserve Provision**" and, together with the Best Efforts SPA Reserve Provision, the "**SPA Reserve Provisions**").

The Investor hereby waives the SPA Share Reserve Provisions such that the Company may reserve for issuance under the ATM Facility any of the authorized shares of Common Stock that would otherwise be reserved for issuance under the Pre-Funded Warrants with the understanding that (i) the Company may issue such shares pursuant to the ATM Facility at any time from and after the date hereof and before the date that the Company receives the requisite stockholder approval (the "**Stockholder Approval**") to increase the Company's authorized shares (the "**Permitted ATM Sales**"), and (ii) following the receipt of the Stockholder Approval with respect to the authorized share increase, the Company shall reserve the shares underlying the Pre-Funded Warrants. The Company will also make good faith efforts to obtain the Stockholder Approval in a reasonable time frame.

The Investor also hereby consents to the Company disclosing this letter agreement in its SEC Reports.

In connection with the foregoing, the Investor represents and warrants to the Company that the Investor (a) is the sole owner of, and has good and lawful title to, the Pre-Funded Warrants free of any lien or encumbrance, except for restrictive legends relating to compliance with the Securities Act and (b) has all requisite authority to enter into this agreement and perform its obligations hereunder. The Investor further acknowledges and agrees that the Pre-Funded Warrants may not be sold, transferred, pledged or assigned unless, in addition to the other procedures set forth in the Pre-Funded Warrants, the recipient of the Pre-Funded Warrants agrees in writing to be subject to all of the terms and conditions of this letter agreement as if it were an original party hereto.

The Company acknowledges and agrees that, except for the waivers, consents and agreements set forth above, the surviving obligations under the Pre-Funded Warrants and the Purchase Agreements remain unmodified and in full force and effect.

[Signature Pages Follows]

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| CONSENSYS SOFTWARE INC. | CONSENSYS SOFTWARE INC. |
| By: | */s/ Matt Corva* |
| Name: | Matt Corva |
| Title: | General Counsel |

---

Signature Page to Letter Agreement

---

| | |
|:---|:---|
| Acknowledged and accepted: | Acknowledged and accepted: |
| SHARPLINK GAMING, INC. | SHARPLINK GAMING, INC. |
| By: | */s/ Rob Phythian* |
| Name: | Rob Phythian |
| Title: | Chairman and Chief Executive Officer |

---

Signature Page to Letter Agreement

## Exhibit 10.4

**Exhibit 10.4** 

July 10, 2025

SharpLink Gaming, Inc.

333 Washington Avenue North, Suite 104

Minneapolis, Minnesota 55402

Attention: Rob Phythian

**Re: Letter Agreement**

Ladies and Gentlemen:

Reference is made to (i) that certain Securities Purchase Agreement, dated as of May 26, 2025 (the "Purchase Agreement"), by and between the Company and the Investor, entered into in connection with the Company's private placement pursuant to the Purchase Agreement and other securities purchase agreements with certain institutional investors (collectively, with the Purchase Agreement, the "**Purchase Agreements**") pursuant to which the Company sold Common Stock and Pre-Funded Warrants for gross proceeds of approximately $425 million (the "**Private Placement**") and (ii) the Pre-Funded Warrants issued pursuant to the Purchase Agreement entered into by the Company and the Investor on May 30, 2025 (the **"Pre-Funded Warrants"**). Capitalized terms used but not defined in this letter shall have the meanings ascribed to them in the Purchase Agreement.

Pursuant to Section 4.9 of the Purchase Agreement, the Company agreed to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to Purchase Agreement, Warrant Shares pursuant to any exercise of the Warrants, Placement Agent Warrant Shares pursuant to the exercise of the Placement Agent Warrants and Strategic Advisor Warrant Shares pursuant to Strategic Advisor Warrants (the "**SPA Reserve Provision**").

The Investor hereby waives the SPA Share Reserve Provision such that the Company may reserve for issuance under the ATM Facility any of the authorized shares of Common Stock that would otherwise be reserved for issuance under the Pre-Funded Warrants with the understanding that (i) the Company may issue such shares pursuant to the ATM Facility at any time from and after the date hereof and before the date that the Company receives the requisite stockholder approval (the "**Stockholder Approval**") to increase the Company's authorized shares (the "**Permitted ATM Sales**"), and (ii) following the receipt of the Stockholder Approval with respect to the authorized share increase, the Company shall reserve the shares underlying the Pre-Funded Warrants. The Company will also make good faith efforts to obtain the Stockholder Approval in a reasonable time frame.

The Investor also hereby consents to the Company disclosing this letter agreement in its SEC Reports.

In connection with the foregoing, the Investor represents and warrants to the Company that the Investor (a) is the sole owner of, and has good and lawful title to, the Pre-Funded Warrants free of any lien or encumbrance, except for restrictive legends relating to compliance with the Securities Act and (b) has all requisite authority to enter into this agreement and perform its obligations hereunder. The Investor further acknowledges and agrees that the Pre-Funded Warrants may not be sold, transferred, pledged or assigned unless, in addition to the other procedures set forth in the Pre-Funded Warrants, the recipient of the Pre-Funded Warrants agrees in writing to be subject to all of the terms and conditions of this letter agreement as if it were an original party hereto.

The Company acknowledges and agrees that, except for the waivers, consents and agreements set forth above, the surviving obligations under the Pre-Funded Warrants and the Purchase Agreement remain unmodified and in full force and effect.

[Signature Pages Follows]

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| By: | */s/ Joseph Lubin* |
| Name: | Joseph Lubin  |
| Title: |  |

---

Signature Page to Letter Agreement

---

| | |
|:---|:---|
| Acknowledged and accepted: | Acknowledged and accepted: |
| SHARPLINK GAMING, INC. | SHARPLINK GAMING, INC. |
| By: | */s/ Rob Phythian* |
| Name: | Rob Phythian |
| Title: | Chairman and Chief Executive Officer |

---

Signature Page to Letter Agreement

## Exhibit 99.1

**Exhibit 99.1**

**SharpLink Gaming Completes Direct Purchase of 10,000 ETH from**

**The Ethereum Foundation**

 ****

***MINNEAPOLIS, MN, — July 11, 2025 —*** <u>SharpLink Gaming, Inc.</u> (Nasdaq: SBET) ("SharpLink" or the "Company"), the world's largest publicly traded company to adopt Ethereum (ETH) as its primary treasury reserve asset, today announced that the Company has entered into a definitive agreement with the Ethereum Foundation ("EF"), providing for SharpLink to purchase 10,000 ETH on the Ethereum mainnet in exchange for $25,723,680. The per ETH purchase price was $2,572.37; and the transaction closed on July 10, 2025.

Headquartered in Zug, Switzerland, EF is one of the principal stewards of the Ethereum ecosystem. Established to support the development and growth of the Ethereum protocol and its broader community, EF provides funding, coordination and guidance to developers, researchers and innovators building on Ethereum's decentralized infrastructure. Ethereum is widely regarded as the leading blockchain platform for smart contracts and decentralized applications and plays a fundamental role in the evolving Web3 economy.

Commenting on the transaction, Joseph Lubin, Chairman of SharpLink, Co-Founder of Ethereum and Founder and CEO of Consensys, stated, "At a time when Ethereum is entering a new era of institutional relevance, we are proud to support the network's long-term strength and decentralization mission."

Continuing, Lubin said, "This isn't a trade – it is a commitment to our long-term vision. SharpLink is acquiring, staking and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem. Moreover, we see this as the start of something bigger – a model for how mission-driven organizations can work to advance our ecosystem's shared goals of decentralization, economic empowerment and protocol-native finance."

**About SharpLink Gaming, Inc.**

Headquartered in Minneapolis, Minnesota, SharpLink Gaming, Inc. (Nasdaq: SBET) is the world's largest publicly traded company to adopt Ethereum (ETH) as its primary treasury reserve asset – a move that aligns the Company with the future of digital capital and gives investors direct exposure to the world's leading smart-contract platform and second largest digital asset.

SharpLink is also reimagining the future of online gaming and sports betting. Backed by a veteran team with deep roots in sports media, gaming and technology, SharpLink is charting a new course – building scalable, secure and transparent solutions that challenge outdated models and bring real innovation to the betting experience. By leveraging smart contracts, DeFi protocols and Web3 infrastructure, SharpLink intends to assume the lead in transforming the multi-billion-dollar iGaming industry into a more dynamic, efficient and equitable ecosystem. Learn more at <u>www.sharplink.com</u>.

**Forward-Looking Statement**

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, the execution of the Company's treasury strategy and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, fluctuations in the market price of ETH that will impact the Company's accounting and financial reporting (see accounting rules discussed below), government regulation of cryptocurrencies and online betting, changes in securities laws or regulations, customer acceptance of new products and services, the demand for its products and its customers' economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company, changes in applicable laws or regulations, and its competitors, general economic conditions and other risk factors detailed in the Company's annual report and other filings with the SEC. Under U.S. generally accepted accounting principles, entities are required to measure certain crypto assets at fair value, with changes reflected in net income each reporting period. Changes in the fair value of crypto assets could result in significant fluctuations to the income statement results. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company does not undertake any responsibility to update the forward-looking statements in this press release.

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|:---|:---|
| **Investor Relations Contact:** | **Media Contact:** |
| Sean Mansouri, CFA or Aaron D'Souza | <u>media@sharplink.com</u> |

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Elevate IR

(720) 330-2829

<u>ir@sharplink.com</u>