SharpLink Gaming announces $425 million private placement, designates ETH as treasury reserve asset

According to a report by Jinse Finance, sports betting operator SharpLink Gaming, Inc. (NASDAQ: SBET) announced today that it has signed a securities purchase agreement for a $425 million public company private investment (PIPE), planning to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share ($6.72 per share for company management team members). Consensys Software Inc. is the lead investor, with participation from well-known crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The transaction is expected to be completed on May 29. SharpLink plans to use the raised funds to purchase Ethereum (ETH) as the company's primary treasury reserve asset. After the transaction is completed, Ethereum co-founder, Consensys founder and CEO Joseph Lubin will become the chairman of SharpLink's board of directors and will serve as a strategic advisor to assist the company in developing its core business.