A move of 425 Million Dollars worth of Ethereum (ETH) has come from a giant American company!

SharpLink Gaming, a company listed on the Nasdaq in the USA, announced a $425 million PIPE (Private Investment in Public Equity) deal led by Consensys.

Accordingly, the agreement involves issuing approximately 69.1 million shares at $6.15 each, and the deal is expected to close by May 29.

In its official statement, the company stated that it plans to use the raised funds to purchase Ethereum (ETH).

"The company funds are generally planning to use to purchase Ethereum. With this move, ETH will serve as the company's primary treasury reserve asset."

SharpLink Founder and CEO Rob Phythian stated, "This marks an important turning point in SharpLink's journey and signals an expansion beyond our core business. We look forward to working with Consensys following the closing of the deal and inviting Joseph Lubin to the Board of Directors."

Consensys Founder and CEO and Ethereum Co-Founder Joseph Lubin stated: "Upon closer examination, Consensys is looking forward to partnering with SharpLink to explore and develop the Ethereum Treasury Strategy and work with them as a strategic advisor in their core businesses. This is an exciting time for the Ethereum community, and I am pleased to work with Rob and his team to bring the Ethereum opportunity to public markets."