SharpLink Gaming closes $425M private placement

SharpLink Gaming (SBET)announced the closing of a $425,000,000 private placement led by Consensys Software Inc. and other investors to help SharpLink implement the largest Ethereum treasury strategy in the public markets. Joseph Lubin, Founder and CEO of Consensys and Co-Founder of Ethereum, became Chairman of the board of directors of the Company upon the closing of the transaction. The offering included participation by prominent crypto venture capital firms and infrastructure providers such as ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere, Primitive Ventures, and Republic Digital among others, including Rob Phythian, SharpLink’s CEO, and Robert DeLucia, SharpLink’s CFO. This announcement marks a key milestone in SharpLink’s growth strategy. The transaction enables the Company to adopt ETH, the native asset of the Ethereum blockchain, as its primary treasury reserve asset, while also continuing to focus on its core business operations. Ethereum powers the majority of stablecoin payments, tokenized assets, and decentralized financial applications. SharpLink’s direct ETH treasury position will allow for access to protocol-level activities, such as staking and decentralized finance mechanisms, which are native to the Ethereum network. SharpLink has entered into Asset Management Agreements with ParaFi and Galaxy Asset Management to support the oversight of its Ethereum Treasury strategy alongside the Company’s management team.