Author: Zz, ChainCatcher
Editor: TB, ChainCatcher
On July 15, 2025, an astonishing piece of news ignited the market: the struggling gaming company SharpLink announced that it would use the entire $413 million raised within a week to buy Ethereum. The capital market responded with fervor—according to data from Investing and Nasdaq, its stock price skyrocketed by 528% within six months, surging over 150% in a single month.
However, SharpLink's comeback story is just the tip of the iceberg. Almost simultaneously, a broader capital alchemy was quietly unfolding across various industries: a traditional consumer goods company (Upexi) seamlessly 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 tech company (BTQ) raised tens of millions from U.S. investors by exploiting regulatory loopholes.
From near-bankrupt "penny stocks" to robust consumer brands, from crypto-native enterprises to cross-border tech newcomers. As people sought to identify the driving force behind this, the spotlight did not shine on Goldman Sachs or JPMorgan, but rather on a mid-sized investment bank that had previously been relatively obscure in the public eye: A.G.P. (Alliance Global Partners).
As the orchestrator or key participant in all these transactions, A.G.P. played this model to perfection. Just from the SharpLink project alone, based on its commission rate, it likely earned over $8 million in commissions within a week, and this was merely the beginning of its massive $6 billion plan.
While Wall Street giants were building compliance bridges for institutional clients, A.G.P. took a more aggressive route: transforming a variety of listed companies into "cryptocurrency proxy stocks" in bulk and sitting at the table as the rule-maker.
Bulk Operations for SharpLink and Other U.S. Listed Companies' Crypto Vault Construction
A.G.P. showcased its operational methods through four cases. Its model is not a standardized strategy but highly customized: identifying client pain points and market hotspots, flexibly utilizing tools like ATM agreements, and designing fee structures that maximize its own interests for each transaction.
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 as chairman. According to the 8-K filing, A.G.P. served as the exclusive placement agent, earning a 5-7% underwriting fee. However, the real main course was the subsequent ATM agreement.
Here, it is necessary to explain the brilliance of the ATM agreement. Traditional stock issuance is like pouring a large bucket of water into the market, inevitably causing the stock price to plummet. The ATM agreement is entirely different; it is akin to installing a smart faucet for the company: when the stock price rises, the investment bank accelerates the flow, selling millions of shares in a single day; when the stock price corrects, it immediately turns off the faucet or slows down the issuance, 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 agreement is batch-directed issuance. Unlike traditional issuances that require a one-time determination of price and quantity, the ATM allows companies to raise funds in batches under optimal market conditions. Each issuance is controlled to be within 1-2% of the daily trading volume, which hardly attracts market attention. This high-sell-low-stop strategy protects the stock price while maximizing financing efficiency.
From the fee structure perspective, according to the S-3/A filing on June 14, A.G.P. charged the $6 billion ATM limit in three tiers: the first $1 billion 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 continuous issuance, while SharpLink secures a long-term stable source of financing.
In addition to SharpLink, another innovative case for A.G.P. is Upexi. On July 17, A.G.P. designed a $150 million convertible bond for the 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 stock at $4.25. This way, for Upexi, it was equivalent to acquiring SOL reserves at a low cost, raising funds while riding the crypto wave. Crypto funds holding SOL locked in the opportunity for traditional stock market gains. A.G.P., as the exclusive placement agent, earned underwriting fees from this transaction.
Equally noteworthy is that on June 18, A.G.P. participated as a co-manager in the $330 million convertible bond issuance for the crypto mining company Bitdeer Technologies. By serving industry enterprises, A.G.P. not only earned direct underwriting income but also established its position in the niche market of crypto mining financing.
The case of BTQ Technologies, a post-quantum cryptography company, further demonstrates A.G.P.'s regulatory arbitrage capabilities. On July 11, by utilizing Canada's LIFE exemption mechanism (which allows for simplified approval for small financing), A.G.P. raised CAD 40 million for this company from U.S. investors. In return, A.G.P. received a 7% cash commission and warrants equivalent to 2.5% of the financing amount. This cross-border regulatory arbitrage yielded a total return rate close to 10%, far exceeding the traditional IPO business's 5-7% commission level.
A.G.P. Has a Golden Touch
A.G.P.'s business model is not a simple copy-paste but resembles an experienced hunter, selecting the most precise and effective "weapons" for different types of "prey" and their environments. Each case selection is closely coupled with its unique financial solution design.
SharpLink was on the brink of collapse. Its business revenue plummeted, and its stock price was sluggish, making it a typical company in desperate need of "strong medicine" to survive. For such targets, the management and shareholders are most receptive to aggressive solutions, willing to pay high commissions for a lifeline, which provides A.G.P. with the greatest operational and profit space.
SharpLink's transformation requires a continuous, self-reinforcing story. One-time traditional issuances cannot achieve this. The flexibility of the ATM (At-The-Market) agreement allows A.G.P. to turn financing actions into a series: "announce buying coins to boost stock prices, then immediately sell shares at high prices in the secondary market; after raising money, buy coins again, and push up stock prices"—the cycle of "financing-buying coins-stock price increase" can only be perfectly realized with an ATM that can be issued at any time and in any quantity, turning the company into a "perpetual ATM" under A.G.P.'s control.
Upexi is a traditional consumer goods company, not a distressed enterprise. Choosing it was to demonstrate that A.G.P.'s model can empower any robust company eager for a "crypto narrative," greatly broadening its business boundaries.
Traditional companies are wary of directly using cash reserves to purchase highly volatile crypto assets. A.G.P.'s design of SOL token-collateralized convertible bonds: simply put, A.G.P. brought in a group of wealthy crypto funds to use $150 million in cash to buy Upexi's bonds. The clever part is that these funds also had to put up their own SOL tokens as additional collateral.
For Upexi, it gained $150 million in cash while being able to claim, "We have SOL reserves," making the stock price story much more appealing, all without spending a dime. For the crypto funds, their calculation was "earn interest and wait for a surge." They first secured a stable annual interest of 2%, with the real goal being to wait for Upexi's stock price to soar and then convert the bonds into stocks at the agreed low price of $4.25, selling them at a high price for substantial profits.
And A.G.P.? It is the one orchestrating the game. Regardless of whether Upexi's stock price rises or falls, as the intermediary, it first secures a handsome underwriting fee in its pocket.
Bitdeer Technologies is itself a giant in the crypto mining industry, not lacking in crypto stories. A.G.P. chose it to prove that it can not only transform "outsiders" but also serve "insiders," acting as a bridge connecting the crypto world with traditional capital on Wall Street.
For crypto-native enterprises like Bitdeer, the core pain point of their financing needs is obtaining "trust endorsement" from traditional financial markets. By participating as a co-manager in its convertible bond issuance, A.G.P. essentially used its credibility as a licensed investment bank to enhance Bitdeer's credibility, making it easier to gain recognition and funding from mainstream institutional investors. This move aims to establish A.G.P.'s authoritative position in the core track of crypto infrastructure financing.
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 showcase its ability to navigate complex cross-border regulations, a highly specialized skill with significant barriers to entry.
Directly allowing U.S. capital to invest in a small Canadian tech company involves cumbersome processes. A.G.P. 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 U.S. capital for BTQ. This is essentially a clever "regulatory arbitrage," where A.G.P., leveraging its expertise in different countries' financial rules, created excess returns and efficiencies unmatched by traditional IPOs.
Behind the Gold Touch: Wall Street's Thirst for Money and Radical Change
In the post-pandemic macroeconomic environment, traditional small and mid-cap companies generally face growth bottlenecks. When the traditional paths to improving core business become exceptionally difficult, they urgently need a new story that can instantly ignite market enthusiasm. Cryptocurrency, especially Ethereum and Bitcoin, provides the most attractive and easily understood "growth narrative" for the current capital market.
Rather than spending years on a difficult business transformation, it is more effective to directly announce the purchase of cryptocurrency—this radical "balance sheet revolution" can overnight transform an ordinary company into a tech pioneer, 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 agencies (such as the U.S. SEC) and the speed of market speculation.
Agencies 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 in the first half of 2025 largely remained at the level of risk alerts and framework discussions, yet to be transformed into specific, enforceable regulations that could comprehensively prohibit such operations.
The process from issuing warnings to legislation and then to effective enforcement is lengthy. 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 "acting against the wind," it is more about "reaping the last wave of dividends before the storm arrives."
The strategies of market participants perfectly confirm that everyone is racing to capitalize before this wave's window closes:
As a pioneer, A.G.P. is acutely aware that this feast has a time limit. Therefore, it is expanding its ATM protocol business at an unprecedented speed, extending its client base from tech companies to a broader 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, securing profits.
When institutions like B. Riley Securities and TD Cowen are forming dedicated teams to enter the market, it precisely indicates that all of Wall Street recognizes this as a special period of "what is not prohibited by law is allowed." The first-mover advantage is fading; although commission rates may decline due to competition, the certainty of this wave's dividends attracts everyone.
Upgrades and Risks: The "Noah's Ark" When the Storm Comes?
As the crypto market enters a bear phase, or if regulatory crackdowns finally occur, this revelry supported by leverage and narrative will come to an end. At that time, exhausted financing channels, significant asset devaluation, stock price crashes, and collective lawsuits will form a "perfect storm."
Simply betting A.G.P.'s future on the success or failure of the current coin-stock linkage may underestimate the core capabilities of this investment bank. A review of its operational cases reveals that A.G.P.'s true "golden touch" is not a magic that turns stone into gold, but a replicable and highly flexible methodology.
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 hot spot, whether it be real-world asset tokenization (RWA), carbon credits, or any other new field with "narrative potential" and "regulatory ambiguity."
Data from S3 Partners shows that SharpLink's short interest has surged by 300% in the past month, indicating that "smart money" has sensed danger; they are quietly withdrawing before the countdown ends and betting on the ultimate collapse of this revelry.
In Conclusion
A.G.P.'s story is a microcosm of Wall Street's search for survival space in a new era. This mid-sized investment bank has carved out a unique track amidst the giants by positioning itself in the market and adopting a guaranteed profit model.
However, the coin-stock linkage model walks the line 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 suggests: in financial markets, the ones who truly make guaranteed profits are always the ones who design the game rules.
Recommended Reading:
RootData: 2025 Mid-Year Web3 Industry Investment Research Report
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