SharpLink Gaming Raises $425M, Appoints Joseph Lubin Chairman, Stock Surges 420% on Ethereum Treasury Strategy

SharpLink Gaming, a Nasdaq-listed sports-betting technology company, has announced a $425 million private investment in public equity (PIPE) to establish an Ethereum (ETH) treasury strategy. The deal involves the sale of 69,100,313 shares at $6.15 each, with the transaction expected to close on May 29, 2025.

The fundraising was led by Consensys, with CEO and Ethereum co-founder Joseph Lubin set to become Chairman of SharpLink's board. Other participants include ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. SharpLink's CEO Rob Phythian said, 'This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business.'

SharpLink plans to convert the entire $425 million raise into Ethereum, making ETH its primary treasury reserve asset while continuing its online sports betting and iGaming marketing operations. The company did not disclose a specific purchase schedule or staking provider for the ETH acquisition.

Following the announcement, SharpLink's stock (SBET) surged as much as 433% in pre-market trading, with shares up 420% on the day, trading at $35 and reaching as high as $53.45. At the time of the announcement, Ethereum was trading at approximately $2,700.

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