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SharpLink’s Bold Move: Ethereum Treasury and Joe Lubin’s Grand Chairmanship!

BBG News

In a world where fortunes are made and lost with the flick of a digital switch, the betting platform known as SharpLink Gaming has embarked upon a most audacious venture. On this fateful day of May 27, they have unveiled an Ethereum-based corporate treasury strategy, and in a twist of fate that would make even the most seasoned investor chuckle, they have appointed none other than Joseph Lubin, co-founder of Ethereum, as the esteemed chairman of their board of directors.

As the announcement echoed through the halls of Nasdaq, it was revealed that SharpLink Gaming had entered into a securities purchase agreement, securing a private investment in public equity to the tune of $425 million. Among the illustrious investors was the Ethereum infrastructure firm, Consensys, which, one might say, is akin to having a wise sage in your corner.

“Upon the closing of this deal, Consensys eagerly anticipates a partnership with SharpLink to explore the vast and uncharted waters of an Ethereum Treasury Strategy,” proclaimed Lubin, with a twinkle in his eye, as if he were about to embark on a grand adventure.

At the time of this writing, the stock of SharpLink Gaming has soared to heights previously thought unattainable, boasting an increase of approximately 400%. It now changes hands at nearly $33.50, a remarkable feat considering it began the day at over $30 after languishing under $7 just the day before. Ah, the fickle nature of the market! 📈💰

A representative from Consensys, shrouded in mystery, informed CryptoMoon that further comments would be withheld until the deal is sealed. Yet, they confirmed their investment in SharpLink Gaming, leaving us all to ponder the implications of such a union.

Major investors took part in the deal

In this grand tapestry of investment, we find a host of venture capital firms joining the fray: ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere, and Primitive Ventures. Even the CEOs of SharpLink, Rob Phythian and Robert DeLucia, have thrown their hats into the ring, proving that in this game, everyone wants a piece of the pie.

The deal is anticipated to close “on or about May 29,” provided the customary closing conditions are met. SharpLink Gaming, with dreams of grandeur, intends to utilize the freshly minted funds to invigorate its Ether (ETH) treasury and for other corporate endeavors:

“ETH will serve as the Company’s primary treasury reserve asset.”

The rise of corporate crypto treasuries

As we observe the rise of corporate crypto treasuries, it becomes evident that most are fixated on Bitcoin (BTC). One notable exception was Meitu, the creator of beloved Photoshop-like applications, which, in a moment of folly, liquidated its 940 Bitcoin and 31,000 Ether at the close of the previous year. Oh, the irony! 😂

Other noteworthy examples include the Canadian arm of the Big Four auditor KPMG, which added Ether to its treasury alongside Bitcoin in February 2022. Meanwhile, the Hong Kong-based gaming firm Boyaa Interactive International, once a proud holder of ETH, decided to swap it for Bitcoin by the end of 2024. A curious choice, indeed!

Even the social media behemoth Reddit dabbled in both Bitcoin and Ethereum, only to be reported as having offloaded most of its holdings in late 2024. And let us not forget the publicly traded company BTCS, which recently announced a $57.8 million financing agreement to procure Ether. Truly, the world of corporate crypto is a stage where fortunes are made, lost, and made again! 🎭💸

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2025-05-27 18:01

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