SharpLink Gaming Raises $425 Million to Accumulate Ethereum

SharpLink Gaming, a Nasdaq-listed company that announced a strategic accumulation of Ethereum (ETH), has reportedly succeeded in raising $425 million through a private placement.

According to The Block on the 2nd (local time), SharpLink Gaming raised $425 million via a private placement. The funds will be used for strategic Ethereum accumulation. This round was led by ConsenSys, an Ethereum infrastructure development company, with major investors such as Pantera Capital and Galaxy Digital also participating.

SharpLink stated, "Through this private placement, we have secured Ethereum as a major reserve asset and can also participate in protocol activities like staking and decentralized finance (DeFi)."

Rob Phythian, CEO of SharpLink, said, "This partnership is a powerful collaboration combining SharpLink's experience with ConsenSys’ leadership," and expressed delight in becoming the leading Nasdaq-listed company to establish an Ethereum-based financial strategy.

Meanwhile, Joseph Lubin, CEO of ConsenSys, is set to join as chairman of SharpLink’s board of directors.