SharpLink Gaming has announced an Ethereum Treasury Reserve Strategy, planning to raise $425 million to increase its ETH holdings.

BlockBeats News, May 27th, according to GlobenewsWire, publicly traded company SharpLink Gaming, Inc. (NASDAQ: SBET) today announced that it has entered into a securities purchase agreement for a $425 million private placement, planning to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share (company management team members at $6.72 per share). Consensys Software Inc. will lead the investment as the main investor, with participants including ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, and other well-known crypto venture capital firms. The transaction is expected to be completed on May 29th.

SharpLink plans to use the raised funds to purchase Ethereum as the company's primary treasury reserve asset. Following the completion of the transaction, Ethereum co-founder and Consensys founder & CEO Joseph Lubin will serve as Chairman of the SharpLink Board and will act as a strategic advisor to assist the company in developing its core business.