SharpLink Gaming announces Ethereum treasury reserve strategy, plans to raise $425 million to increase Ethereum holdings

Odaily Planet Daily News According to GlobenewsWire, the US-listed company SharpLink Gaming, Inc. (NASDAQ: SBET) announced today that it has signed a securities purchase agreement for a $425 million private placement, 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 as the company's primary treasury reserve asset. After the transaction is completed, Ethereum co-founder, Consensys founder and CEO Joseph Lubin will serve as the chairman of SharpLink's board of directors and will act as a strategic advisor to assist the company in developing its core business.