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Sharplink Inc. (NASDAQ:SBET) is one of the 10 best stocks under $10 offering more than 50% upside.

On June 22, Sharplink Inc. (NASDAQ:SBET) finalized a securities purchase agreement with an institutional buyer. The agreement will involve the buying and selling of more than 10 million SharpLink common shares, each with a par value of $0.0001. The arrangement also includes warrants to buy the above-mentioned shares at a purchase price of $7.49.

Pixabay/Public Domain

This price translates into a 41% premium to the stock's closing price of $5.29 on June 18. It also surpasses the net asset value of the company's ETH portfolio, valued at 875,776 ETH as of June 16. The Warrants are directly exercisable upon issuance, have an exercise price of $8.15 per share, and have an expiry of 4 years following the issuance.

Subject to usual restrictions, the registered direct offering was scheduled to close on or near June 23, with projected gross proceeds of $75 million excluding related fees and expenses. The capital will be deployed to finance the company's working capital needs, general corporate expenses, future ETH acquisitions, and share buybacks under the company's current stock repurchase program.

Sharplink Inc. (NASDAQ:SBET) focuses on the digital asset treasury business and operates as an institutional-grade Ethereum treasury platform. The company offers performance-based customer acquisition services for sportsbook and online casino gaming operators. It also drives user traffic and player acquisition for licensed gaming operators through PAS.net and a portfolio of U.S. state-specific digital properties.

While we acknowledge the potential of SBET as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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