$425 Million Private Placement by Sharplink Marks Strategic Shift Toward Ethereum

Sharplink Gaming Inc. (Nasdaq: SBET), a performance-based marketing company serving the U.S. sports betting and global iGaming industries, has entered into securities purchase agreements for a private investment in public equity (PIPE), totaling approximately $425 million. According to the announcement, the company plans to use the proceeds to acquire ethereum, establishing it as Sharplink’s primary treasury reserve asset.

As of 11:45 a.m. Eastern time, SBET has risen 615% against the U.S. dollar during the day’s trading session.

The investment round was led by Consensys Software Inc., with participation from prominent crypto venture capital firms such as Parafi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, and others. Notably, Sharplink’s CEO, Rob Phythian, and CFO, Robert DeLucia, also participated in the offering.

“This is a significant milestone in Sharplink’s journey and marks an expansion beyond our core business,” said Rob Phythian, Founder and CEO of SharpLink.

“Consensys looks forward to partnering with Sharplink to develop an Ethereum Treasury Strategy. I am delighted to work with Rob and the team to bring the Ethereum opportunity to public markets,” said Joseph Lubin, Co-Founder of Ethereum.

Upon the expected closing of the offering around May 29, 2025, Joseph Lubin, CEO of Consensys and co-founder of Ethereum, will assume the role of Chairman of Sharplink’s Board of Directors. Lubin expressed enthusiasm about partnering with SharpLink to develop an Ethereum Treasury Strategy and to serve as a strategic advisor in the company’s core business areas.

This strategic move positions Sharplink at the intersection of traditional iGaming and the evolving blockchain ecosystem, potentially setting a precedent for similar companies considering crypto integration into their financial strategies.

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