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SharpLink Gaming made waves on May 27 by unveiling an Ethereum-based corporate treasury strategy while appointing Ethereum co-founder Joseph Lubin as board chairman. The betting platform's stock skyrocketed 【400%】 following the announcement, trading at $33.50 after closing below $7 just days prior.
The Minnesota-based company secured 【$425 million】 through a private investment deal involving notable Web3 investors. Consensys, Lubin's Ethereum infrastructure firm, participated alongside VC giants like Pantera Capital and Galaxy Digital. "We'll collaborate on developing their Ethereum Treasury Strategy post-closing," stated Lubin, who will serve as strategic advisor.
——This marks the first major Nasdaq-listed company adopting ETH as primary treasury reserve——
While Bitcoin remains the dominant choice for corporate treasuries, SharpLink's move signals growing institutional interest in Ethereum. The strategy contrasts with Hong Kong's Boyaa Interactive, which recently swapped its ETH holdings for BTC. However, KPMG Canada's 2022 dual-treasury approach and BTCS's recent 【$57.8 million】 Ether accumulation suggest shifting trends.
SharpLink's stock surge outpaced typical market reactions to crypto announcements. The 【400%】 gain came despite the deal not yet closing—scheduled for May 29 pending standard conditions. A Consensys spokesperson confirmed the investment but declined further comment until completion.
The investor roster reads like a who's-who of crypto finance, including Electric Capital and Arrington Capital. SharpLink plans to deploy funds for its ETH treasury and general operations. This comes as public companies increasingly explore crypto holdings, though Reddit's 2024 sell-off shows the strategy carries risks.
As of press time, SharpLink's market valuation reflects the crypto community's bullish outlook on Lubin's involvement and the novel treasury approach—a potential game-changer for mainstream corporate crypto adoption.