SharpLink Raises 425 Million USD to Buy Ethereum, Stock Soars 420%
The listed company
#NASDAQ SharpLink Gaming has just raised 425 million USD to purchase Ethereum (ETH) as its main treasury asset, causing its stock to surge more than 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 once the deal closes on May 29.
#SharpLinkGaming did not disclose how much ETH it will buy, but this is a move similar to MicroStrategy's with Bitcoin, indicating a strong trend of companies shifting to hold crypto. Previously, many companies like Semler Scientific, Metaplanet, and Upexi have also adopted similar strategies with Bitcoin or Solana.
Currently, ETH is trading around 2,700 USD, up over 6% on the day and 50% over the past month, as the market anticipates a strong recovery for Ethereum.
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