SharpLink Gaming Secures $425 Million to Purchase Ethereum as Primary Treasury Reserve Asset

On May 27th, COINOTAG reported that SharpLink Gaming, Inc. (Nasdaq: SBET), a publicly traded company in the U.S., has secured a $425 million private placement through a newly formed securities purchase agreement. This strategic move will result in the issuance of approximately 69.1 million shares of common stock, priced at $6.15 per share, with certain company executives purchasing at $6.72 per share. Leading the investment will be Consensys Software Inc., alongside notable crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The transaction is anticipated to finalize on May 29th. The capital raised will predominantly be allocated to acquiring Ethereum, marking it as the company’s principal treasury asset. Furthermore, following the completion of this transaction, Joseph Lubin, CEO of Consensys and Ethereum co-founder, will take on the role of Chairman of the SharpLink board, providing strategic guidance as the company enhances its core operations.