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SharpLink announces a private funding round worth $425 million, adding Ethereum to its treasury strategy.
According to GlobeNewswire, SharpLink Gaming announced that it will finalize a private funding round worth approximately 425 million dollars, with Consensys as the lead investor. The transaction is expected to be completed on May 29.
The funding will be used to purchase Ethereum (ETH) and establish ETH as the company's primary reserve asset. Joseph Lubin, the founder of Consensys and co-founder of Ethereum, will serve as the chairman of the board of the company. This move marks SharpLink's expansion into the on-chain asset allocation sector, reinforcing the company's strategic positioning in the Web3 and iGaming markets.