Manipulating SharpLink, an article revealing the behind-the-scenes players of the coin-stock craze A.G.P.

Original author: Zz, ChainCatcher

Original text edited by: TB, ChainCatcher

On July 15, 2025, an astonishing news sparked the market: the game company SharpLink, on the verge of delisting, announced that it would buy $413 million worth of Ethereum with the funds raised within a week. The capital market responded with the most fervent reaction—according to data from Investing and Nasdaq, its stock price surged by 528% in six months, skyrocketing by over 150% in a single month.

SharpLink, revealing the behind-the-scenes players of the coin and stock frenzy A.G.P.

However, SharpLink's comeback story is just the tip of the iceberg. Around the same time, a broader alchemy of capital was quietly unfolding across different industries: a traditional consumer goods company (Upexi) effortlessly incorporated SOL tokens into its reserves through clever bond design; a crypto mining giant (Bitdeer) successfully connected with traditional capital on Wall Street; and a cutting-edge Canadian technology company (BTQ) raised tens of millions from U.S. investors by exploiting regulatory loopholes.

From the near delisting "junk stocks" to stable consumer brands, from crypto-native enterprises to new cross-border tech giants. When people try to find the behind-the-scenes driving force, this time the spotlight is not on Goldman Sachs or JPMorgan Chase, but on a medium-sized investment bank that was previously not prominent in the public eye: A.G.P. (Alliance Global Partners)

As the operator or key participant in all these transactions, A.G.P. has played this model to the fullest. Just in the SharpLink project alone, based on its commission rate, it earned possibly over 8 million dollars in commissions within a week, and this is just the beginning of its massive plan with a total value of 6 billion dollars.

While Wall Street giants build compliance bridges for institutional clients, A.G.P. has taken a more aggressive route: transforming various listed companies into "cryptocurrency proxy stocks" in bulk and sitting at the table, becoming the one who designs the rules of the game.

Batch Trading SharpLink and the Construction of Crypto Vaults for US Listed Companies

A.G.P. demonstrates trading strategies through four cases. Its model is not a standardized strategy but highly customized: it assesses client pain points and market hotspots, flexibly employs tools like the ATM protocol, and designs fee schemes for each transaction to maximize its own interests.

The most typical case is SharpLink. On May 27, 2025, SharpLink announced that it had completed a $425 million private placement, led by Consensys, with Ethereum founder Joseph Lubin serving as chairman. According to the 8-K document, A.G.P. acted as the exclusive placement agent, earning a 5-7% underwriting fee. However, the real main course is the upcoming ATM protocol.

Here, it is necessary to explain the subtlety of the ATM protocol. Traditional stock issuance is like pouring a huge bucket of water into the market all at once, which inevitably leads to a sharp drop in stock prices. The ATM protocol is completely different; it is equivalent to installing a smart faucet for the company: when stock prices soar, the investment bank accelerates the opening of the faucet, selling millions of shares in a single day; when stock prices correct, the faucet is immediately turned off or the issuance is slowed, waiting for a better opportunity; the company's management can decide at any time to pause or restart the entire plan.

Specifically, the core of the ATM protocol is batch directed issuance. Unlike traditional issuance, which requires a one-time determination of price and quantity, ATM allows companies to finance in batches under optimal market conditions. Each issuance is controlled to be within 1-2% of the daily trading volume, which almost goes unnoticed by the market. This high sell-low stop strategy not only protects stock prices but also maximizes financing efficiency.

From the fee structure, according to the S-3/A document dated June 14, A.G.P. charges a total of $6 billion ATM quota in three tiers: the first $1 billion is charged at 2.5%, the next $1 billion at 2.0%, and subsequent amounts at 1.75%. Based on an average of 2.1%, A.G.P. could earn approximately $126 million from this. This mechanism creates a bundling of interests: A.G.P. has the incentive to maintain the stock price for ongoing issuance, while SharpLink gains a long-term stable source of financing.

In addition to SharpLink, another innovative case from A.G.P. is Upexi. On July 17, A.G.P. designed a $150 million convertible bond for consumer goods company Upexi. Investors used SOL tokens as collateral to purchase the bonds, enjoying a 2.0% annual interest rate while obtaining the right to convert to shares at $4.25. This means that for Upexi, it is equivalent to acquiring SOL reserves at a low cost, both raising capital and hitching a ride on the crypto express. Cryptocurrency funds holding SOL lock in opportunities for traditional stock market gains. A.G.P. earned underwriting fees from this transaction as the exclusive placement agent.

Also worth noting is that on June 18, A.G.P. participated as a joint underwriter in the $330 million convertible bond issuance for the cryptocurrency mining company Bitdeer Technologies. By serving industry enterprises, A.G.P. not only earns direct underwriting revenue but also establishes its position in the cryptocurrency mining financing niche market.

The situation of BTQ Technologies, a post-quantum cryptography company, further demonstrates A.G.P.'s ability for regulatory arbitrage. On July 11, by utilizing Canada's LIFE exemption mechanism (which allows for a simplified approval process for small financing), A.G.P. raised 40 million Canadian dollars for this company from U.S. investors. In return, A.G.P. received a 7% cash commission and also obtained warrants equivalent to 2.5% of the financing amount. The total return from this cross-border regulatory arbitrage is close to 10%, far exceeding the traditional IPO commission level of 5-7%.

A.G.P. has a golden finger

A.G.P.'s business model is not a simplistic copy-and-paste approach, but rather resembles an experienced hunter who selects the most precise and effective "weapons" based on different types of "prey" and their respective environments. Each case selection is closely coupled with its unique financial solution design.

SharpLink is on the brink of collapse. Its revenue has plummeted and its stock price is sluggish, making it a typical company in desperate need of "drastic measures" to survive. For such a target, the management and shareholders are most accepting of radical solutions, willing to exchange high commissions for a glimmer of hope, which provides A.G.P. with the greatest operational and profit potential.

The transformation of SharpLink requires a continuous and self-reinforcing narrative. One-off traditional financing cannot achieve this. The flexibility of the ATM (At-The-Market) agreement allows A.G.P. to turn financing activities into a series: "announce buying coins to drive up stock prices, then immediately sell stocks at a high price in the secondary market; after raising funds, buy coins again, and drive up stock prices again." This cycle of "financing-buying coins-stock price increase" can only be perfectly realized by the ATM, which can be issued at any time and in any amount, turning the company into a "perpetual ATM" under A.G.P.'s control.

Upexi is a traditional consumer goods company and not a distressed enterprise. It was chosen to demonstrate that A.G.P.'s model can empower any robust company seeking a "crypto narrative," thus greatly expanding its business boundaries.

Traditional companies have concerns about directly using cash reserves to purchase highly volatile crypto assets. The SOL token collateralized convertible bonds designed by A.G.P. can be simply described as A.G.P. bringing in a group of wealthy crypto funds to use $150 million in cash to buy bonds from Upexi. The clever part is that these funds also have to put up their own SOL tokens as additional collateral.

For Upexi, having 150 million in cash on hand, they can confidently say "we have SOL reserves," making the story of their stock price sound much better, without spending a dime. For crypto funds, their strategy is to "secure interest and wait for a surge." They initially hold a guaranteed stable annual interest of 2%, with the real goal being to exchange bonds for stocks at the agreed low price of $4.25 once Upexi's stock price takes off, and then sell at a high price to make a big profit.

And what about A.G.P.? It is the one who "gathers the crowd." Regardless of whether Upexi's stock price rises or falls, as a middleman, it first securely pockets a considerable underwriting fee.

Bitdeer Technologies itself is a giant in the cryptocurrency mining industry, rich in crypto stories. A.G.P. chose it to prove that it can not only transform "outsiders" but also serve "insiders," taking on the role of a "bridge" connecting the cryptocurrency world with traditional Wall Street capital.

For crypto-native enterprises like Bitdeer, the core pain point of their financing needs is obtaining the "trust endorsement" from traditional financial markets. A.G.P., as a co-manager, participates in its convertible bond issuance, effectively using its credibility as a licensed investment bank to enhance Bitdeer's credibility, making it easier for mainstream institutional investors to recognize and fund it. This move aims to establish A.G.P.'s authoritative position in the core track of financing for crypto infrastructure.

The key feature of BTQ Technologies, a Canadian post-quantum cryptography company, lies in its "non-U.S." jurisdiction. A.G.P. chose it to demonstrate its ability to navigate complex cross-border regulations, which is a highly specialized skill with a significant barrier to entry.

Because directly allowing American capital to invest in a small Canadian tech company is a cumbersome process. A.G.P. has precisely utilized the Canadian LIFE exemption mechanism, a regulatory shortcut that allows it to bypass the full prospectus requirements and quickly and cost-effectively introduce American capital for BTQ. This is essentially a clever form of "regulatory arbitrage," where A.G.P., leveraging its expertise in the financial rules of different countries, has created excess returns and efficiency that traditional IPOs cannot match.

Behind the Golden Touch: The Money Lust of Wall Street and Radical Change

In the macroeconomic environment of the post-pandemic era, traditional small and mid-cap companies are generally facing growth bottlenecks. When the traditional path of improving core business becomes exceptionally difficult, they urgently need a new story that can instantly ignite market enthusiasm. Cryptocurrencies, especially Ethereum and Bitcoin, provide the most appealing and easily understood "growth narrative" for the capital markets.

Rather than spending years on a difficult business transformation, it is better to directly announce the purchase of cryptocurrency—this radical "balance sheet revolution" can transform an ordinary company into a tech pioneer overnight, which is the fundamental driving force behind the rise of the coin-stock linkage model.

The core contradiction in the current market lies in the significant time lag between the actions of regulatory bodies (such as the U.S. SEC) and the speed of speculation in the market.

Regulatory bodies like the SEC have indeed expressed "serious concerns" multiple times regarding issues such as large-scale shareholder dilution, misleading marketing, and potential market manipulation. However, these warnings have remained largely at the level of risk alerts and framework discussions in the first half of 2025 and have not yet translated into specific, enforceable regulations that could comprehensively prohibit such practices.

From issuing warnings to legislation, and then to effective enforcement, there is a long process. It is precisely this regulatory vacuum that investment banks like A.G.P. have keenly captured, becoming a fleeting golden window in their eyes. Rather than being described as "operating against the wind," it is more accurate to say they are "rushing to harvest the last wave of dividends before the storm arrives."

The strategies of market participants perfectly confirm that everyone is rushing to accelerate before the window of this wave closes:

As a pioneer, A.G.P. is well aware that this feast has a time limit. Therefore, it is rapidly expanding its ATM protocol business at an unprecedented speed, extending its customers from technology companies to a wider range of traditional industries such as retail, manufacturing, and biotechnology. Its logic is very clear: complete as many transactions as possible before the regulatory "gate" closes and secure the profits.

When institutions like B. Riley Securities and TD Cowen are forming dedicated teams to enter the market, it clearly indicates that Wall Street has recognized that we are currently in a special period of "anything not prohibited by law is permitted." The first-mover advantage is diminishing, and although commission rates may decline due to competition, the certainty of this wave of benefits is attracting everyone.

Upgrades and Risks: The "Noah's Ark" in Times of Storm?

When the crypto market enters a bear market, or the regulatory crackdown finally descends, this carnival supported by leverage and narratives will come to an end. At that time, the exhaustion of financing channels, significant asset devaluation, stock price crashes, and collective lawsuits will create a "perfect storm."

Betting simply on the success or failure of the current correlation between cryptocurrencies and stocks may underestimate the core capabilities of A.G.P. A review of its trading cases reveals that A.G.P.'s true "golden touch" is not a magic spell that turns stone into gold, but a set of replicable and highly flexible methodologies.

For A.G.P., the real "Noah's Ark" is not a specific asset or business, but the methodology itself. When the wave of "coin-stock linkage" recedes, it will almost inevitably apply this approach to the next trend, whether it is the tokenization of real-world assets (RWA), carbon credits, or any other new field with "narrative potential" and "regulatory ambiguity."

According to data from S 3 Partners, the short interest in SharpLink has soared by 300% in the past month, indicating that the "smart money" has caught a whiff of danger, quietly withdrawing before the countdown ends and betting on the eventual collapse of this frenzy.

Final Thoughts

The story of A.G.P. is a microcosm of Wall Street's search for survival space in a new era. This mid-sized investment bank carves out a unique niche amidst giants through market positioning and a guaranteed profit model.

However, the stock-coin linkage model walks the edge between opportunity and risk, innovation and speculation. For investors, understanding who the real winners are is more important than participating in the game itself.

As the iron law of Wall Street shows: in financial markets, the ones who always make a sure profit are those who design the rules of the game.

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