On May 27, sports operator SharpLink Gaming announced that it had signed a securities purchase agreement for a $425 million private placement (PIPE) of public companies, and plans to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share (6.72 per share for members of the company's management team).

SharpLink plans to use the funds raised to purchase Ethereum as the company's main treasury reserve asset. After the transaction is completed, Ethereum co-founder, Consensys founder and CEO Joseph Lubin will serve as chairman of the board of directors of SharpLink and will assist the company in developing its core business as a strategic advisor.

This brought about a sharp rise in stock prices, from almost zero to a 660-fold price surge, all of which were brought to him by cryptocurrency. In return, the company will raise $425 million through a private placement to purchase Ethereum and use Ethereum as a strategic reserve for the company.

Not only that, the stock has also been included in the Nasdaq 100 Index, and its status has been improved very quickly. Now with the soaring price of Bitcoin, its market value is stable at more than 100 billion US dollars, making it the 40th largest company in the 100 index.

To put it simply:

The current Sharplink is the Ethereum version of "MicroStrategy". It continuously raises funds to buy Ethereum, drives up the stock price, and continues to buy Ethereum through equity financing, forming a virtuous spiral upward pattern. Therefore, we say that Ethereum is likely to usher in a major turnaround.