Key Takeaways
- SharpLink Gaming plans to raise $425 million to acquire Ethereum (ETH) as a treasury reserve asset.
- The move echoes Michael Saylor’s Bitcoin strategy at MicroStrategy.
- Ethereum co-founder Joseph Lubin will help lead the initiative by partnering with Consensys.
iGaming giant, SharpLink, is borrowing a page from Michael Saylor’s Bitcoin playbook, but with a twist: it’s going all in on Ethereum (ETH).
The company has announced a $425 million private investment in public equity (PIPE) deal, with plans to use the funds to convert a significant chunk of its balance sheet into ETH.
It’s one of the first major efforts by a publicly traded firm to treat Ethereum as a treasury reserve asset—a shift that could set a new precedent for how companies approach crypto.
From Sports Betting to Ethereum Treasury
The deal involves selling 69.1 million shares of common stock at $6.15 each, raising roughly $425 million.
Consensys is leading the investment round, with participation from big-name crypto investors including ParaFi Capital, Pantera, Electric Capital, and Galaxy Digital.
SharpLink CEO Rob Phythian and CFO Robert DeLucia will also be investing in the raise.
The company says the funds will be used to purchase Ethereum, positioning it as a core treasury asset, much like Bitcoin for Strategy.
CEO Rob Phythian called the move a turning point:
“This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business. In closing, we look forward to working with Consensys and welcoming Joseph to the Board.”.
Joe Lubin Joins the Effort
Ethereum co-founder and Consensys CEO Joseph Lubin is stepping in to advise SharpLink as it transitions into a crypto-forward company.
Lubin praised the initiative as a new chapter for Ethereum in the public markets:
“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy.”
This is an exciting time for the Ethereum community,” Lubin added. The Consensys CEO will also join SharpLink’s board once the deal is finalized.
Consensys told CCN that further comments would be made once the deal is closed.
SharpLink Stock Soars, ETH Follows
SharpLink’s stock (SBET) surged over 433%, closing at $35.83 on Tuesday, up from around $7 earlier that day.
The announcement also helped boost ETH, which climbed over 4% to $2,639 in the past 24 hours.
While the deal hasn’t officially closed yet, the market has already begun responding.
If finalized, SharpLink’s ETH treasury plan could spark a new wave of Ethereum-focused balance sheet strategies, especially among high-growth tech and gaming companies.
Was this Article helpful?
#iGaming #Giant #SharpLink #Replicate #Michael #Saylors #Strategy #425M #Ethereum #Treasury