Two companies that hold cryptocurrency as a primary treasury asset filed prospectus supplements with the U.S. Securities and Exchange Commission under Rule 424(b)(5) dated around June 23, 2026. SharpLink, Inc. (Nasdaq: SBET), which describes itself as an Ethereum-treasury company, filed terms for a registered direct offering of common stock and accompanying warrants. Strategy, Inc., the company formerly known as MicroStrategy (Nasdaq: MSTR), filed a supplement to the annex governing its variable-rate perpetual preferred stock program. The two filings are distinct securities sold under different mechanics, but both come from issuers whose disclosed business model centers on holding a digital asset on the balance sheet and tapping the public equity markets to add to it. This piece reports what each document states; it does not assess the merits of either offering.

According to its 424B5, SharpLink is offering 10,013,351 shares of common stock, par value $0.0001, together with warrants to purchase up to 10,013,351 additional shares. The filing states that each share is sold with one accompanying warrant, that the two are immediately separable but must be purchased together, and that the combined public offering price is $7.49 for each share-and-warrant unit. Each warrant carries an exercise price of $8.15 per share, is exercisable immediately, and expires four years from issuance. The document reports gross proceeds to the company of $73,499,999 before expenses and estimates net proceeds of approximately $73.2 million after deducting the placement-agent fee and offering expenses. The filing states that A.G.P./Alliance Global Partners was engaged as sole placement agent on a reasonable-best-efforts basis under a placement agency agreement dated June 22, 2026, and that the company agreed to pay the placement agent a cash fee equal to 2.0% of the aggregate gross proceeds raised. The supplement lists 202,382,019 shares of common stock outstanding before the offering and 212,395,370 shares immediately after, assuming no exercise of the warrants.

"We intend to use the proceeds from this offering for working capital needs, operating expenses and any other capital needs, including, but not limited to the purchase of ETH and repurchasing the Company's Common Stock, pursuant to the Company's buyback program."— SharpLink, Inc. Form 424B5, source

The SharpLink supplement describes the company's treasury orientation in its business summary. It states that SharpLink "undertook a significant strategic shift in June 2025" by becoming, in its own words, one of the world's largest publicly traded companies to adopt Ether — the native token of the Ethereum blockchain, abbreviated ETH in the filing — as its primary treasury asset, and that the company also operates an online affiliate-marketing business. The filing is explicit that it is dilutive: it adds roughly 10 million new shares to a base of about 202 million, with up to another 10 million issuable if the warrants are exercised. The document notes that on June 18, 2026, the last reported sale price of the common stock on Nasdaq was $5.29 per share, a figure below the $7.49 combined unit price disclosed for the offering.

SharpLink's earlier financings, and a tiered fee schedule

The same filing recounts SharpLink's recent capital-raising history, and that history is where a tiered placement-fee structure appears. The supplement describes a June 2025 private-placement ("PIPE") offering with aggregate gross proceeds of $425 million, in which, the document states, A.G.P. received a cash fee equal to 7.0% of aggregate gross cash proceeds up to the first $100 million raised, 5.0% of gross proceeds up to the second $100 million, and 3.0% of gross proceeds in excess of $200 million. That stair-stepped schedule — a higher percentage on the first dollars in and a lower rate on the marginal dollars beyond $200 million — is disclosed as a prior transaction, not the structure of the June 2026 registered direct offering, which the current filing states carries a flat 2.0% placement-agent fee. The supplement also catalogues several 2025 registered direct offerings and a sales agreement, with placement-agent fees disclosed at rates such as 2.5% and 2.0% across those transactions, illustrating how frequently the issuer has returned to the market. The filing states that the company "may not sell the entire amount of securities offered" and that the offering is being made on a reasonable-best-efforts basis.

Strategy's June 23, 2026 filing is a different instrument and a different scale. The document is captioned "Supplement No. 1" to the company's Variable Rate Series A Perpetual Stretch Preferred Stock Annex, and it relates to an at-the-market program of up to $21,000,000,000 of that preferred stock, which trades on the Nasdaq Global Select Market under the symbol STRC. The filing states that on June 23, 2026, the last reported sale price of the STRC stock was $87.31 per share, against a stated amount of $100 per share that the company references in its forward-looking-statements section. Rather than launching a new offering, the supplement amends terms of the existing preferred stock. It states that on June 15, 2026, the company filed an Amended and Restated Certificate of Designations of the STRC stock with the Delaware Secretary of State, to become effective June 30, 2026, and that the amendment was approved at the company's 2026 Annual Meeting of Stockholders held on June 8, 2026.

What Strategy's amendment changes

The core change Strategy discloses is to dividend cadence. Per the filing, the Amended and Restated Certificate of Designations amends the dividend-payment provisions so that declared regular dividends on the STRC stock "will be paid two times per month (instead of once per month)," a change the document labels the "STRC Dividend Amendment." The supplement renames the "monthly regular dividend rate per annum" as the "regular dividend rate per annum" and restates the mechanics by which that rate carries forward from one dividend period to the next, with the company retaining discretion, subject to disclosed floors tied to a SOFR-based reference rate and a 25-basis-point band, to set a different rate for a future period. The filing also restates the regular record dates to align with the new twice-monthly schedule, with payment dates on the 15th and the last calendar day of each month. The forward-looking-statements section states that these provisions relate to, among other things, "the cadence and amount of future regular dividends and our intention to maintain the trading price of the STRC Stock at or near its stated amount of $100 per share." Strategy is described across crypto-business coverage as the largest corporate holder of bitcoin; this particular supplement concerns the preferred-stock funding layer rather than any specific bitcoin purchase.

Read side by side, the two documents show two crypto-treasury issuers using the registered-securities apparatus in the same session but through different doors: SharpLink through a relatively small, dilutive common-stock-and-warrant placement that names ETH purchases and buybacks among permitted uses of proceeds, and Strategy through a large standing preferred-stock shelf whose terms it is fine-tuning to change how often holders are paid. Each filing supplies its own numbers — SharpLink's $7.49 unit price, $73.5 million in gross proceeds, and 2.0% fee; Strategy's up-to-$21 billion program, $87.31 last sale, and twice-monthly dividend amendment — and each is available in full on the SEC's public EDGAR system. Readers can consult the primary documents directly using the links below.