SharpLink Gaming, a US Nasdaq-listed company, has announced a $425 million PIPE (Private Investment in Public Equity) deal led by Consensys.
Accordingly, the deal involves the issuance of approximately 69.1 million shares of common stock at $6.15 each and is expected to close by May 29.
The company stated in its official statement that it plans to use the funds raised to purchase Ethereum (ETH).
“The company plans to use the funds to purchase Ethereum in general. With this move, ETH will serve as the company’s primary treasury reserve asset.”
“This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business. We look forward to working with Consensys and welcoming Joseph Lubin to our Board of Directors following the closing of the transaction,” said Rob Phythian, Founder and CEO of SharpLink.
“Looking closer, Consensys looks forward to partnering with SharpLink to explore and develop the Ethereum Treasury Strategy and work with them on their core business as a strategic advisor,” said Joseph Lubin, Founder and CEO of Consensys and Co-Founder of Ethereum. “This is an exciting time for the Ethereum community and I am delighted to be working with Rob and his team to bring the Ethereum opportunity to the public markets.”
*This is not investment advice.
