According to BlockBeats, SharpLink Gaming, a U.S. publicly traded company, saw its stock rise by 18.66% in pre-market trading, with the current price at $94.02. This surge follows the company's announcement of a strategic plan to bolster its Ethereum reserves.
SharpLink Gaming has revealed its intention to raise $425 million to increase its holdings in Ethereum. The fundraising effort is led by Consensys Software Inc., with participation from notable crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The transaction was expected to be completed by May 29.
The company plans to use the raised funds to purchase Ethereum, establishing it as the primary asset in its treasury reserves.