Publicly Traded SharpLink Raises $425M to Create Ethereum Treasury, Stock Jumps 420%
SharpLink Gaming has secured $425 million through a private investment in public equity (PIPE) offering, significantly increasing its stock price by over 400%. The investment was led by blockchain firm Consensys, with participation from Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital. The funds will be used to acquire Ethereum as the company's primary treasury asset, following a strategy similar to that of Michael Saylor's company, Strategy. The PIPE deal is set to close on May 29, with Consensys CEO Joseph Lubin joining SharpLink's board as chairman. SharpLink shares are currently trading at $35, having risen 420% in one day. The company has not disclosed the amount of Ethereum it plans to acquire. Ethereum's price has recently surged to $2,700, up over 6% for the day and 50% for the month, despite a 31% decline over the past year.
