SharpLink Gaming Raises $425M To Buy Ethereum, ETH Price Jumps 3%

US-based SharpLink has signaled an intention to make Ethereum (ETH) the main asset in its company treasury. To fund the ETH accumulation play, SharpLink has secured capital via the sale of its common stock to a raft of investors.

SharpLink Gaming To Aggressively Acquire Ethereum

SharpLink has confirmed plans to adopt an Ethereum Treasury Strategy, raising capital to fund new ETH purchases.  According to a press release, SharpLink has raised $425 million through a private placement of its shares, tapping a group of venture capital firms.

Per the announcement, the US-based SharpLink signed a security purchase agreement, effectively selling 69,100,313 shares of its common stock. The agreement sees Consensys Software play the role of lead investor with ParaFi Capital, Pantera Capital, and Galaxy Digital participating in the private investment in public equity (PIPE).

SharpLink says it will use the funds to explore an Ethereum Treasury Strategy, using ETH as its main reserve asset. Consensys CEO and Ethereum co-founder Joseph Lubin says Consensys will support the company’s pivot to include Ethereum on its balance sheet.

“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and work with them in their core business as a strategic advisor,” said Lubin.

THIS IS A DEVELOPING STORY AND WILL BE UPDATED AS NEW FACTS EMERGE