TLDR
- SharpLink Gaming raises $425 million to build an Ethereum treasury with Consensys CEO Joseph Lubin joining as board chairman
- The sports-betting company will convert the entire raise into ETH as its primary treasury reserve asset
- Major crypto investors including ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital participated in the deal
- SharpLink’s stock price jumped 400% following the announcement, trading at $33.50 compared to under $7 the previous day
- The deal is expected to close on May 29, making SharpLink one of the few public companies to hold ETH as a treasury asset
SharpLink Gaming announced a $425 million private equity deal on May 27 to establish an Ethereum treasury strategy. The sports-betting technology company will convert the entire funding round into ETH as its primary treasury reserve asset.
The publicly traded Nasdaq company entered securities purchase agreements for a private investment in public equity. SharpLink will issue 69.1 million shares at $6.15 each, with management participants paying $6.72 per share.
Joseph Lubin, Ethereum co-founder and Consensys CEO, will join SharpLink’s board as chairman. Lubin called the partnership “an opportunity to bring the Ethereum story to public markets.”
Consensys acted as the lead investor in the funding round. Other major crypto-focused venture capital firms participated including ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, and Ondo.
SharpLink CEO Rob Phythian and CFO Robert DeLucia also took part in the investment round. The deal includes customary closing conditions and is expected to finalize on or about May 29.
The company plans to monitor its working capital needs while maintaining the ETH treasury alongside its existing sports-betting operations. SharpLink has not disclosed a specific purchase schedule or staking provider for its Ethereum holdings.
Market Response and Stock Performance
SharpLink’s stock price surged approximately 400% following the announcement. The shares traded at nearly $33.50, compared to closing under $7 the day before the announcement.

Trading opened above $30 on May 27 after the treasury strategy news broke. The dramatic price increase reflects investor interest in corporate Ethereum treasury strategies.
At press time, Ethereum was trading at $2,564.72, up 4.5% for the day. The price performance outpaced average gains among other large-cap altcoins.
Former Ethereum core developer Eric Conner compared the strategy to MicroStrategy’s Bitcoin approach. He described it as an “ETH edition” of corporate treasury cryptocurrency strategies.
Conner outlined a potential flywheel effect where SharpLink could raise cash below net asset value and buy ETH. The company could then issue new shares if the stock trades above the value of its ETH holdings per share.
Corporate Ethereum Treasury Trend
Most corporate crypto treasuries focus on Bitcoin rather than Ethereum. SharpLink represents one of the few public companies choosing ETH as a primary treasury asset.
Meitu, the developer of photo-editing apps, previously held both Bitcoin and Ethereum. However, the company liquidated its 940 Bitcoin and 31,000 Ether holdings at the end of 2024.
KPMG’s Canadian subsidiary added Ether to its treasury alongside Bitcoin in February 2022. Hong Kong gaming firm Boyaa Interactive International also held ETH but replaced it with Bitcoin by the end of 2024.
Reddit acquired both Bitcoin and Ethereum but reportedly sold most of its crypto holdings in late 2024. BTCS announced a $57.8 million financing agreement to purchase Ether earlier in May 2025.
Consensys confirmed its investment in SharpLink Gaming but stated it would not comment further until the deal closes. The partnership positions SharpLink as a public market proxy for Ethereum exposure.
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