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SharpLink Gaming Acquista143.593 Ethereum per Oltre 500 Milioni di Dollari
NFT Gaming

SharpLink Gaming Acquista143.593 Ethereum per Oltre 500 Milioni di Dollari

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SharpLink Gaming (NASDAQ: SBET) continua ad accumulare Ethereum (ETH), rafforzando la sua posizione tra le società quotate con le più grandi riserve di criptovalute. Secondo l’ultimo aggiornamento, l’azienda ha acquistato 143.593 ETH nella settimana tra il 10 e il 17 agosto 2025, portando le sue riserve complessive oltre i 3 miliardi di dollari.

SharpLink Gaming amplia ancora il suo tesoro in ETH

In un comunicato ufficiale, la società con sede a Minneapolis ha confermato di aver finanziato l’operazione attraverso 537 milioni di dollari di proventi netti raccolti nello stesso periodo.

  • 390 milioni di dollari sono stati raccolti tramite un’offerta diretta registrata, conclusasi l’11 agosto.
  • Altri 146 milioni di dollari sono stati generati tramite la sua struttura ATM (at-the-market).

L’acquisto è stato effettuato a un prezzo medio di 4.648 $ per ETH, circa l’8% superiore rispetto al prezzo di mercato attuale. Con questa operazione, le riserve totali di SharpLink Gaming sono salite a 740.760 ETH.

Dal lancio della sua strategia di tesoreria lo scorso 2 giugno, la società ha già accumulato 1.388 ETH in ricompense di staking. Inoltre, mantiene ancora 84 milioni di dollari di liquidità pronti per ulteriori acquisizioni di Ethereum.

BitMine resta il leader assoluto per riserve in ETH

Nonostante le dimensioni delle riserve, SharpLink Gaming rimane dietro a BitMine Immersion Technologies, attualmente il più grande gestore di tesoreria in ETH al mondo e il secondo più grande detentore di criptovalute a livello globale.

Al 18 agosto 2025, BitMine possiede oltre 1,5 milioni di ETH, per un valore superiore a 6,6 miliardi di dollari, acquistati a un prezzo medio di 4.326 $ per unità. La società ha sottolineato il ruolo cruciale del GENIUS Act e del progetto SEC Project Crypto come sviluppi normativi chiave per il settore degli asset digitali nel 2025.

L’importanza delle regolamentazioni favorevoli

Il GENIUS Act rappresenta la prima legge statunitense che regola gli stablecoin, imponendo che siano interamente garantiti da asset liquidi e soggetti ad audit. Inoltre, in caso di fallimento, gli holder di stablecoin hanno priorità assoluta sui rimborsi.

Il Project Crypto, invece, è l’iniziativa della SEC volta a modernizzare le regole sui digital asset, introducendo:

  • classificazioni più chiare,
  • standard di custodia aggiornati,
  • incentivi alla creazione di mercati tokenizzati e di super-app con licenza unica per i servizi crypto.

Questi sviluppi normativi hanno ridotto l’incertezza legale e incoraggiato la partecipazione istituzionale, aumentando la fiducia degli investitori in Ethereum e nell’intero mercato crypto.

Fluttuazioni sul prezzo di Ethereum

Nonostante il quadro regolatorio più favorevole e l’accumulo da parte di società quotate, ETH resta soggetto a fluttuazioni di breve termine. Dati recenti mostrano infatti che diversi hedge fund stanno aprendo posizioni short sul token.

Al momento della stesura, Ethereum viene scambiato a 4.195 $, in calo dell’1,6% nelle ultime 24 ore. Gli analisti ritengono comunque che, dopo la fase di volatilità, ETH possa riprendere il suo trend rialzista e puntare a nuovi massimi storici.

FONTE: TRADING VIEW

 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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NFT Gaming

SharpLink (SBET) Buys $463M in ETH, Stock Down 66%

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SharpLink Gaming (SBET), the public firm pivoting to a crypto treasury strategy focused on Ethereum, revealed on Friday it acquired 176,271 ether

for nearly $463 million.

The purchase makes the firm the largest ETH holder among publicly traded companies, SharpLink said in a press release.

The company tapped its $1 billion at-the-market (ATM) common stock share facility for $79 million to help fund the ETH acquisition.

The ETH purchase announcement came on the heels of a Thursday regulatory filing that potentially enabled investors in the firm’s private placement round to sell shares, sending stock prices down 70% after market hours. Some speculated that the firm might have leaned more heavily into the ATM to announce a bigger larger crypto purchase. Shares remain lower by 66% in Friday action.

SharpLink in one of the growing roster of public companies that recently pivoted to add cryptocurrencies to their balance sheets. It raised $450 million earlier this month through a private round from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital, to buy ETH. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the firm as board chairman.

Shares exploded 4,300% higher in a bit more than a week following the firm’s crypto strategy in May, but have given back more than 90% of the rally this month.
After the massive price swings and today’s decline, shares still trade around 500% higher than before the treasury pivot.

Read more: Ethereum Treasury Firm SharpLink Gaming Plunges 70% – But There May Be a Twist



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Ethereum Treasury Company SharpLink Gaming Plunges 70% Amid SEC Filing Confusion

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In brief

  • SharpLink Gaming shares plummeted more than 70% in after-hours trading Thursday.
  • The company announced in May that it had raised $425 million in a PIPE offering to create an Ethereum treasury.
  • It is one of a wave of public companies establishing or intending to create crypto treasuries.

Shares in SharpLink Gaming plummeted more than 70% in post-hours trading Thursday after the company—which recently announced that it would create an Ethereum treasury—filed an S-3 shelf prospectus with the SEC to potentially sell securities.

Minneapolis-based SharpLink, an online gambling marketer that lists on the Nasdaq, was recently changing hands at $10.35 per share, according to Yahoo Finance data, after briefly dipping below the $8 mark in after-hours trading. It closed Thursday trading at $32.53.

A page in the SEC filing appeared to show that participants in the PIPE sale had sold off their holdings. However, Ethereum co-founder, Consensys CEO, and SharpLink Chairman of the Board Joseph Lubin wrote on X that people are “misinterpreting” the S-3 filing.

Some are misinterpreting SBET’s S-3 filing:

It registers shares for potential resale by prior investors

The “Shares Owned After the Offering” column is hypothetical, assuming full sale of registered shares.

This is standard post-PIPE procedure in tradfi, not an indication of…

— Joseph Lubin (@ethereumJoseph) June 12, 2025

“It registers shares for potential resale by prior investors. The ‘Shares Owned After the Offering’ column is hypothetical, assuming full sale of registered shares,” Lubin wrote. “This is standard post-PIPE procedure in tradfi, not an indication of actual sales. To clarify, neither Consensys nor I have sold any shares.”

Decrypt reached out to SharpLink Gaming and the SEC, but did not immediately hear back from either.



SharpLink rose to nearly $80 on May 29, two days after announcing that it had raised $425 million in a private investment in public equity, or PIPE, offering to establish an Ethereum treasury—a move that boosted its stock price more than 400%.

A PIPE, or Private Investment in Public Equity, is a way for public companies to raise capital quickly by selling shares privately to institutional or accredited investors, rather than through a public offering.

The plan came amid a wave of publicly traded companies that have built crypto-focused treasuries, or raised money with that intent. They are, to varying degrees, following an approach popularized by Strategy, formerly MicroStrategy, which pivoted from software development to become a Bitcoin treasury that now holds 582,000 of the tokens worth more than $61 billion at current prices.

Other companies have also focused on Bitcoin, although a number in recent weeks have opted for treasuries based on altcoins like Solana and XRP.

Ethereum was recently trading at about $2,640, down more than 4% over the past 24 hours, according to crypto markets data provider CoinGecko.

Ethereum-centric software firm Consensys, along with firms Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital, participated in the PIPE offering, SharpLink said in a statement at the time. The group bought 69,100,313 of the firm’s shares at $6.15 each. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

Edited by Andrew Hayward

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SharpLink Gaming Buys $463 Million in Ethereum, Becomes Largest ETH Treasury Firm

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In brief

  • SharpLink Gaming unveiled a $462 million Ethereum acquisition, saying that 95% of the funds had already been deployed in decentralized finance, or DeFi, protocols.
  • The company’s stock dropped over 70% on Thursday during after-hours trading as the public tried to assess the significance of an S-3 shelf prospectus.
  • The Ethereum Foundation held $540 million worth of Ethereum on Friday, Akrham Intelligence data showed.

SharpLink Gaming recently acquired $462 million worth of Ethereum, becoming the asset’s largest holder among public firms, according to a company blog post published on Friday. 

The Nasdaq-listed online gambling marketer, which adopted an Ethereum treasury strategy in May, said that it had purchased roughly 176,000 ETH for an average price of $2,600 per coin. The price of Ethereum was recently changing hands around $2,500, an 8.8% decrease over the past 24 hours, according to crypto data provider CoinGecko.

The company’s announcement follows a Securities and Exchange Commission filing that sparked confusion on Crypto Twitter. As the public tried to parse the significance of an S-3 shelf prospectus, shares tumbled more than 70% in after-hours trading on Thursday. 



Although observers speculated that the filing indicated SharpLink investors had sold shares, Ethereum co-founder, Consensys CEO, and SharpLink board chair Joe Lubin said the filing was “standard.” (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

SharpLink shares opened at $10.26 on Friday, a 67% dip compared to the stock’s closing price of $32.53 a day before, according to Yahoo Finance. Shares soared as high as $124.12 in late May after the company announced a $450 million private placement. They were recently changing hands around $11.21.

“There’s a period of time between [the] announcement to when everything is ready to go, where the float is tiny and everyone buys it, and it basically turns into a meme stonk,” Taproot Wizards co-founder Udi Wertheimer, said on X, formerly Twitter. “That’s resolved once all the filings [are] done. […] It doesn’t mean anyone ‘rugged.’”

SharpLink said that, as of Friday, over 95% of the company’s Ethereum holdings had been deployed in “staking and liquid staking solutions, contributing to Ethereum’s network security while generating yield.”

Among liquid staking protocols, Lido is the most popular, containing $23 billion in assets, according to crypto data provider DefiLlama. The protocol allows investors to lock up Ethereum to earn staking rewards, while also having access to a token pegged to the price of Ethereum.

Bitcoin treasury firms, which have soared in popularity this year, are not able to earn yield on their holdings by leveraging Bitcoin’s network. The difference, in terms of staking, can be attributed to the networks’ different consensus models.

In addition to SharpLink’s initial PIPE transaction, the Minneapolis-based firm said that it had raised $79 million through at-the-market (ATM) offering of common shares. Under its ATM equity program, the company is able to issue $1 billion in equity to buy more Ethereum.

A PIPE, or Private Investment in Public Equity, allows a firm to quickly raise capital by selling shares privately to institutional or accredited investors, as opposed to a public offering.

SharpLink said in its blog post that, on a broader scale, that its Ethereum holdings were second only to the Ethereum Foundation. As of Friday, the Ethereum Foundation held $540 million worth of Ethereum, Arkham Intelligence data showed.

Edited by James Rubin

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Sharplink Partners Galaxy Digital Amid $425M Raise For Ethereum
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Sharplink Partners Galaxy Digital Amid $425M Raise for Ethereum

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Galaxy Digital is backing SharpLink Gaming, Inc. (Nasdaq: SBET) as the company launches one of the biggest Ethereum treasury strategies by a publicly traded firm. SharpLink recently closed a $425 million private funding round, combining cash and Ethereum (ETH), to make Ethereum the main asset in its treasury.

The private placement was led by Consensys Software Inc., the Ethereum infrastructure company, and included investments from Galaxy Digital, ParaFi Capital, Electric Capital, Pantera Capital, and others. This deal makes SharpLink one of the first Nasdaq-listed companies to hold Ethereum as a primary treasury reserve.

Joseph Lubin, the founder of Consensys and one of Ethereum’s creators, joined SharpLink as Chairman after the funding. This helps SharpLink connect more deeply with the Ethereum world.

By actually owning Ethereum, SharpLink can use important features like staking and other decentralized finance options. To help manage this, SharpLink has partnered with ParaFi Capital and Galaxy Asset Management for guidance on its Ethereum treasury.

SharpLink CEO Rob Phythian said this deal combines SharpLink’s market experience with Consensys’ Ethereum technology expertise. He called it a key moment in the company’s growth and its move toward using Ethereum in treasury management.

Joseph Lubin added that Ethereum has proven itself as a reliable, programmable platform. He sees this partnership as a sign that Ethereum is becoming more accepted in mainstream finance. He said he is proud to help guide SharpLink as Chairman of the Board.

The private placement was handled by A.G.P./Alliance Global Partners. The company plans to register the shares for resale with the SEC as required.

SharpLink’s new treasury approach with Ethereum, backed by Galaxy Digital and others, is an important example of how public companies are embracing crypto assets. It shows growing confidence in Ethereum’s role in financial markets.

Also Read: VivoPower Selects BitGo for Exclusive XRP Trading & Custody



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SharpLink Gaming Stock Falls Back to Earth Following Ethereum Treasury Pivot

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In brief

  • Shares in new Ethereum treasury company SharpLink Gaming are down more than 38% on the day.
  • The company said Monday that it has finalized its financing to acquire up to $425 million to fuel ETH purchases.
  • With its ETH acquisition, SharpLink says it will become the largest publicly traded holder of Ethereum.

Shares in SharpLink Gaming, a gambling marketing firm and affiliate network operator, are down more than 38% since the market opened, despite the company finalizing an investment round to help it acquire up to $425 million in Ethereum. 

The company, which last week announced plans to create an Ethereum-focused digital asset treasury, saw its shares surge as high as $124, after trading at $6 as recently as May 23. 

After closing at $76.70 on Friday, SharpLink shares—which trade with ticker SBET on the Nasdaq Exchange—are trading at $47.16, down more than 38% since open and a whopping 62% down from last week’s peak.

On the other hand, the stock price is still up 1,162% over the past month.



With the conclusion of its $425 million round, Ethereum co-founder and Consensys CEO Joseph Lubin became chairman of SharpLink’s board of directors. Consensys led the private placement round, funded in both fiat currency and ETH, which also included participation from prominent crypto investors like Galaxy Digital, Pantera Capital, Electric Capital, Arrington Capital, GSR, and ParaFi Capital.

(Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

The company’s newly established treasury pivot makes it the latest in a series of publicly traded companies adopting digital asset treasuries, a move popularized by the Bitcoin-stacking Strategy (formerly MicroStrategy) and outspoken co-founder Michael Saylor.

Those companies range from DeFI Development Corporation (formerly Janover), an AI-powered real estate platform that has built nearly a $100 million Solana treasury, to President Donald Trump’s Trump Media & Technology Group, which recently raised $2.4 billion to buy Bitcoin. 

SharpLink, though, is the most notable company to focus on acquiring Ethereum, crypto’s second largest asset by market capitalization. The firm’s Monday press release announcing the finalization of the funding says it will become the largest publicly traded holder of ETH.

ETH has been the butt of many jokes over the last year, especially as it has underperformed competing layer-1 blockchains like Bitcoin and Solana—but some optimism is growing for the asset following a price surge in May following the Pectra network upgrade.

Last week, BitMEX co-founder Arthur Hayes told Decrypt that he believes ETH could touch $4,000-$5,000 in 2025, potentially making a new all-time high in the process as the “most hated layer-1.” Plus, analysts from Bernstein have indicated a growing interest in underlying networks where stablecoins have a major presence, a metric ETH dominates with more than 51% of stablecoin market share, per the firm’s investment note. 

ETH is up 0.9% in the last 24 hours and is the best-performing coin in the top 10 by market cap over the last week, according to CoinGecko, dropping just 0.7% in that time to $2,532. 

Edited by Andrew Hayward

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Sharplink Launches $1 Billion Stock Offering To Buy Ethereum
Crypto Trends

Sharplink Launches $1 Billion Stock Offering to Buy Ethereum

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Sharplink Gaming Inc. has announced a major capital initiative, launching a stock offering of up to $1 billion to buy Ethereum (ETH). Sharplink explicitly stated its intent to use “substantially amount of the proceeds” from the offering to acquire Ether.

According to the S-5 prospectus filed on May 29, the offering will involve the sale of up to 72,051,288 shares of common stock.

Based on the assumed sale of 12,624,668 shares at $79.21 per share as per the last reported Nasdaq trading price as Sharplink plans to raise $1 billion in gross proceed.

In addition to its ETH purchases, Sharplink will use proceeds for general business purposes, including working capital, operating expenses, and expanding its core affiliate marketing operations.

The stock sale will be executed via an “at-the-market offering” structure, allowing Sharplink to issue shares from time to time through a sales agent or principal. This structure gives the company flexibility to respond to market conditions while pursuing its crypto acquisition and operational goals.

Also Read: Ethereum in Spotlight as SharpLink Gaming Bets $425M on ETH



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Meet SharpLink: The MicroStrategy of Ethereum

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How do you save an ailing publicly traded company in 2025? One answer, and an increasingly popular one at that, is: pivot to crypto—or more specifically, become a crypto treasury company.

The previously unknown online gambling marketer SharpLink Gaming did just that earlier this week, when it announced it had raised $425 million in investment to establish an Ethereum treasury. It was a notable departure from the more common route of building a Bitcoin treasury, with Ethereum being the second largest and most liquid crypto asset on the market next to Bitcoin. As part of the raise, Consensys CEO and Ethereum co-founder Joseph Lubin joined SharpLink’s board of directors. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

Before going all in on Ethereum, SharpLink had a market capitalization of around $2 million, trading for just over $2 per share and was just weeks ago dangerously close to being delisted from the Nasdaq for falling below the $1 per share minimum. On Tuesday, everything changed: The company’s stock jumped 420% to $35 per share, with a market cap above $23 million.

It’s a strategy reminiscent of, well, Strategy. Michael Saylor’s company, formerly known as MicroStrategy, laid down the blueprint for how this works: you buy up a bunch of Bitcoin (or, in Sharplink’s case, Ethereum), and your stock functions as a proxy bet on the crypto asset. Shares in a crypto treasury company will often trade at a premium to the digital assets because, for the average investor, it’s much easier to buy stock than fiddle around with crypto directly.



Before being worth $101.76 billion and amassing a Bitcoin treasure chest worth over $60 billion, MicroStrategy was floundering at a double-digit share price as a fairly average business intelligence software solutions company. MicroStrategy then bought $425 million in Bitcoin in the fall of 2020. The same amount in Ethereum that SharpLink plans to buy. Back in 2020, MicroStrategy came out of nowhere. Just like SharpLink did Tuesday.

So what is SharpLink, and where did it come from?

What is SharpLink Gaming?

SharpLink was co-founded in 2019 by now-CEO Rob Phythian and former COO Chris Nicholas, who left the company in 2024. Tori Roberts joined the team in 2021 as vice president, in charge of affiliate marketing with Robert DeLucia following in 2022 as chief financial officer.

According to the official SharpLink site, there are also three independent directors in Leslie Bernhard, Robert Gutkowski, and Obie McKenzie that make up the board of directors, chaired by Phythian himself. 

Bernhard has previously served as a director and chairman in multiple Nasdaq-listed companies, Gutkowski helped seal a $486 million cable distribution deal, and McKenzie was a managing director at BlackRock. So, it appears at least, the directors are a capable bunch.

Put simply, SharpLink Gaming uses technology to help match sports betting companies with fans. According to its LinkedIn page, the company now uses an AI tool that collects and analyzes behavioral insights on users, pushes relevant betting content onto those users, and converts them into paying customers.

Trading on the Nasdaq under the ticker SBET, it currently sits at a market cap of $55 million trading at nearly $80 per share, already doubling its price since Tuesday, according to data on Trading View. If you bought SBET stock five years ago, though, you’re still down around 67%.

The company’s revenues declined 26.1% from 2023 to 2024, last year’s financial report showed, with cash on hand decreasing by 42.2% to $1.43 million. That said, it saw a positive net income of $10 million, a notable rise from a net loss of $14.2 million.

In 2024, SharpLink Gaming sold two of its businesses for $22.5 million, used most of these proceeds to write off outstanding debts, and completed a domestic merger that changed the company from an Israeli LLC to a Delaware corporation, according to a company release.

In July 2024, the board of directors started a formal review process to “evaluate strategic alternatives” that would “drive growth and create and maximize value” for stockholders. It appears that in this process, the board of directors started to consider cryptocurrency more seriously. 

In February 2025, the company announced that it acquired a 10% equity stake in Armchair Enterprises Limited, a company that owns CryptoCasino.com, as part of a strategy to become the “first Nasdaq-listed company focused on crypto gaming.”

“We carefully evaluated more than two dozen compelling opportunities,” SharpLink CEO Phythian said in a release, referencing the board’s review process. “And [we] determined that the combination of market expansion, cost efficiency, security and player demand makes crypto gaming one of the most promising growth opportunities in the online gaming industry today.”

But this initial crypto pivot wasn’t enough to prevent the price of SBET stock from dropping 60.8%, from $5.75 to $2.26, over the next two and a half months. 

During this period, SharpLink announced a reverse stock split to stay above Nasdaq’s stock price minimum requirement of $1. And then a $4.5 million public stock offering in order to regain  “compliance with Nasdaq’s minimum requirement for total stockholders’ equity.” 

Things were existential for SharpLink. But that was before the Ethereum treasury strategy led its stock price to surge 420% on Tuesday to $35 a share—and now more than doubling that.

Who is the SharpLink CEO?

Rob Phythian co-founded SharpLink and today serves as its CEO and chairman of the board of directors. And now he’s the Ethereum Michael Saylor.

Pythian founded SharpLink after he spent almost nine and a half years as CEO of SportsHub Technologies, a company that created games and apps for sports gaming sites. Prior to that, he’d also co-founded SportsData LLC, a sports experience creator, and served as its CEO and president.

During his time at SportsHub, he was named by a local business publication as one of the top 100 people to know in Minnesota. Phythian was hailed a pioneer and a “sports tech godfather.”

One former business partner told Decrypt that he has great respect for Pythian.

“I worked with Rob maybe 10 or 15 years ago on [an unnamed] skill gaming venture,” Matthew Warneford, CEO of Roblox game creator Dubit, told Decrypt. “Rob’s a great guy, very smart, and good to work with. Have nothing but positive things to say.”

By 2023, now CEO of SharpLink, Phythian and his company started to embrace artificial intelligence. In a guest blog post for Sportico, he outlined a future where AI could help personalize the sport fan experience, while also batting away concerns that AI outputs are too generic as he believed that the tide was turning.

A year later, it was clear that the company needed a new direction, and Pythian led the company through its shift to crypto gaming. 

And now he’s leading SharpLink into its next phase as the Microstrategy of Ethereum. The question now is: Will it work?

If Phythian follows Saylor’s playbook, then the next step will be to sell shares, or debt against those shares, to buy more Ethereum. Then rise and repeat. That likely bodes well for ETH—and perhaps even SBET shareholders. But what it means for SharpLink as a business is an open question. It’s a gamble, but one that so far appears to be paying off.

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Publicly Traded SharpLink Raises $425M to Create Ethereum Treasury, Stock Jumps 420%

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In brief

  • SharpLink Gaming, an online gambling marketer, has raised $425 million to buy Ethereum for its treasury.
  • Blockchain technology firm Consensys led the raise, and Consensys CEO and Ethereum co-founder Joseph Lubin will lead the company’s board.
  • The company’s stock is up 420% on the day, as of this writing, following the announcement.

Publicly traded company SharpLink Gaming has raked in $425 million in a private investment in public equity, or PIPE, offering to establish an Ethereum treasury—a move that has boosted its stock price more than 400% so far Tuesday.

The online gambling marketer’s raise was led by blockchain technology firm Consensys, with participation from Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital, among other investors, SharpLink Gaming said Tuesday in a statement. The group bought 69,100,313 of the firm’s shares at $6.15 each. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

The newly raised funds will go toward acquiring Ethereum, which will serve as the company’s primary treasury asset—a move that emulates the playbook of Michael Saylor’s software company, Strategy, which has amassed $64 billion worth of Bitcoin since 2020 and inspired a growing list of crypto-stashing followers.

SharpLink Gaming’s private equity deal is expected to close on May 29. Consensys CEO and Ethereum co-founder Joseph Lubin will serve as chairman of SharpLink Gaming’s board of directors.

“This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business. On closing, we look forward to working with Consensys and welcoming Joseph to the Board,” said Rob Phythian, founder and CEO of SharpLink, in a statement. 

SharpLink Gaming shares are trading at $35 as of writing time, soaring 420% in the past day. The price of the Nasdaq-listed SBET rose as high as $53.45 earlier Tuesday.



SharpLink Gaming did not disclose how much Ethereum it aims to acquire. The firm did not immediately respond to Decrypt’s request for comment on the matter. 

Consensys told Decrypt that it cannot speak about the deal until it is finalized.

The marketing company’s corporate strategy overhaul comes as a growing number of companies have taken after Strategy’s cryptocurrency-centered playbook over the past few years. Medical device company Semler Scientific and Japanese investment firm Metaplanet began employing aggressive Bitcoin-based strategies in 2024, for example, with many other firms similarly following the Strategy model.

Meanwhile, Upexi and DeFi Development Corp. (formerly Janover) have raised millions of dollars for acquiring Solana for their respective corporate treasuries over the past few months, and Canadian firm Spirit is gunning to become the “Strategy of Dogecoin.”

The announcement comes after a recent surge in Ethereum’s price following months of declines, with ETH even falling as Bitcoin continued to push to new highs earlier this year. Ethereum has faced an identity crisis amid other concerns from developers and community members, with the Ethereum Foundation recently undergoing leadership changes as a result.

The layer-1 network’s token was trading at $2,700 as of writing time, up over 6% on the day and 50% over the past month—though it’s down 31% over the past 12 months.

Edited by Andrew Hayward

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