SharpLink Gaming Raises $425M PIPE Led by Ethereum Co-Founder for ETH Treasury

SharpLink Gaming, Inc. has announced a $425 million private investment in public equity (PIPE) deal to fund an Ethereum Treasury Strategy, making Ethereum (ETH) its primary treasury reserve asset. The financing involves the sale of approximately 69.1 million shares at $6.15 each, with Consensys Software Inc., an Ethereum infrastructure firm led by co-founder Joseph Lubin, as the lead investor. Other major crypto venture capital firms such as Pantera Capital, Galaxy Digital, Electric Capital, ParaFi, and Arrington Capital are also participating. Upon closing, expected by May 29, 2025, Joseph Lubin will join SharpLink as Chairman of the Board and Consensys will serve as a strategic advisor to help integrate Web3 technologies with SharpLink's core iGaming business. This strategic pivot represents a significant move toward blockchain finance and treasury diversification by incorporating ETH as a long-term store of value. SharpLink’s stock has surged significantly, reflecting investor enthusiasm around the company’s new crypto-focused direction.