SBET has issued over 51m shares for $984m in proceeds over the last six weeks, equivalent to 58% of the current market cap The proceeds were used to purchase what is now $1.6b of ETH The ATM facility expanded from a $1b cap to $6b on July 24, enabling another $5b of share issuance. We can see Sharplink intends to drip shares onto the market each week at a rate of 3-10% of trading volume SBET saw $3.7b in trading volume this week, so I'm estimating approx $110-$180m of shares were sold (3-5% of volume) If you assume nothing breaks (!!), they are on pace to purchase another $3b of ETH this year

However, trading volumes are trending lower, the issuance is weighing on SBET price, and ultimately mNAV is compressing towards 1.0 Treasury Companies optimize for ETH per share When mNAV is above 1, every dollar of equity sold buys more than a dollar of ETH (because the market values each share above the value of ETH that share represents) If mNAV falls below 1.0, the reverse is true and selling shares becomes value destructive, so the ATM offering is shut off and ETH purchases come to a halt I assume they will search for alternative funding via convertible debt or preferreds, but I'm unsure how accessible this will be