SharpLink Gaming Announces $425,000,000 Private Placement to Initiate Ethereum Treasury Strategy

Company Overview - SharpLink Gaming, Inc. is an online performance-based marketing company focused on the U.S. sports betting and global iGaming industries [1][9] - The company operates an affiliate marketing network known as PAS.net, driving qualified traffic and player acquisitions for regulated sportsbooks and online casino operators [9] Private Placement Details - SharpLink has entered into securities purchase agreements for a private investment in public equity (PIPE), involving the sale of 69,100,313 shares at a price of $6.15 per share, aiming for gross proceeds of approximately $425 million [1][2] - The closing of the offering is expected around May 29, 2025, subject to customary closing conditions [3] Strategic Developments - Upon closing the private placement, SharpLink will adopt an Ethereum Treasury Strategy, with plans to acquire Ethereum (ETH) as its primary treasury reserve asset [3][10] - Joseph Lubin, Founder and CEO of Consensys, will become Chairman of the Board of Directors of SharpLink following the private placement [1][12] Investor Participation - The lead investor in the offering is Consensys Software Inc., along with participation from various prominent crypto venture capital firms [2] - Notable investors include ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital among others [2] Future Collaboration - Consensys aims to partner with SharpLink to explore and develop the Ethereum Treasury Strategy and provide strategic advisory services [5]