SharpLink Stock Soars on $425M Ethereum Deal

SharpLink Gaming (SBET), a Nasdaq-listed company, has announced a $425 million private placement led by Consensys and joined by major crypto investors Galaxy Digital and Pantera Capital. The funds will be used to acquire Ethereum (ETH) as SharpLink’s primary treasury reserve asset, marking a strategic pivot toward blockchain integration. The announcement triggered a surge in SBET’s stock price, with gains ranging from 230% in pre-market trading to over 400% intraday, and contributed to higher Ethereum trading volumes and prices across major exchanges. Consensys CEO and Ethereum co-founder Joseph Lubin will become chairman of SharpLink’s board, signaling a close strategic partnership. The move underscores the growing trend of institutional adoption of crypto assets as corporate reserves and may influence other traditional firms' approaches to decentralized finance. The transaction is expected to close by May 29, 2025, pending customary conditions.