Meet SharpLink: The MicroStrategy of Ethereum
SharpLink Gaming raised $425 million to establish an Ethereum treasury, marking a shift from traditional Bitcoin strategies. The company's stock surged 420% to $35 per share, increasing its market cap to over $23 million. Previously, SharpLink had a market cap of around $2 million and faced potential delisting from Nasdaq. Founded in 2019, SharpLink uses technology to connect sports betting companies with fans and has recently integrated AI for user insights. Despite a 26.1% revenue decline from 2023 to 2024, the company reported a positive net income of $10 million. In 2024, it sold two businesses for $22.5 million and underwent a merger to change its corporate structure. The board began exploring cryptocurrency as a growth strategy, acquiring a 10% stake in CryptoCasino.com. Following initial setbacks, the Ethereum treasury strategy revitalized stock performance, positioning SharpLink as a potential leader in crypto gaming. CEO Rob Phythian aims to replicate MicroStrategy's success with Ethereum investments.
