SharpLink Raises 425 Million USD to Buy Ethereum, Stock Surges 420%

The publicly listed company #NASDAQ SharpLink Gaming has raised 425 million USD to purchase Ethereum (ETH) as its primary treasury asset, causing its stock to surge over 420% in just one day.

The deal is led by Consensys – the company behind Ethereum and MetaMask, with participation from Galaxy Digital, Pantera Capital, ParaFi Capital, and other major crypto funds. The CEO of Consensys and co-founder of Ethereum – Joseph Lubin – will become the Chairman of the Board of SharpLink after the deal is finalized on May 29.

#SharpLinkGaming did not disclose how much ETH will be purchased, but this move is similar to MicroStrategy's with Bitcoin, indicating a strong trend of businesses shifting to hold crypto. Previously, many companies such as Semler Scientific, Metaplanet, and Upexi have also adopted similar strategies with Bitcoin or Solana.

Currently, ETH is trading around 2,700 USD, up more than 6% on the day and 50% over the past month, amid market expectations for a strong recovery of Ethereum. #anhbacong