SharpLink Gaming, a publicly traded company in the U.S., announced a $425 million private placement, using ETH as a treasury reserve asset

ChainCatcher news, according to GlobenewsWire, sports betting operator SharpLink Gaming, Inc. (NASDAQ: SBET) announced today that it has signed a securities purchase agreement for a $425 million public company private investment (PIPE), planning to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share (with company management team members at $6.72 per share).

Consensys Software Inc. is leading the investment as the main investor, with participants including well-known crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The transaction is expected to be completed on May 29.

SharpLink plans to use the raised funds to purchase Ethereum as the company's primary treasury reserve asset. After the transaction is completed, Ethereum co-founder and Consensys founder and CEO Joseph Lubin will serve as the chairman of SharpLink's board and will assist the company in developing its core business as a strategic advisor.