Joseph Lubin joins SharpLink to launch $425M Ethereum treasury strategy
Joseph Lubin, co-founder of Consensys Software, will become Chairman of the Board at SharpLink Gaming and act as a strategic advisor to help develop the company’s corporate Ethereum strategy. Following the announcement, SharpLink’s stock surged more than fivefold.
SharpLink Gaming, Inc. — a NASDAQ-listed sports betting operator trading under the ticker SBET — announced a $425 million private placement to acquire Ethereum. The company agreed to issue approximately 69.1 million common shares at $6.15 per share and $6.72 for management participants.
The lead investor in the deal is Web3 giant Consensys Software, with support from prominent crypto VC firms including ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital.
The acquired ETH will serve as SharpLink’s primary treasury reserve, signaling a major step toward Ethereum’s growing role in global finance.
“This is an exciting time for the Ethereum community. We look forward to collaborating with SharpLink as they explore and implement their Ethereum treasury strategy,” said Joseph Lubin.
A new era for Ethereum
The market's response further emphasized the enthusiasm behind the move, with SBET shares climbing over 5x, approaching $43 per share according to Yahoo Finance.
Price dynamics for 24 hours. Source: Yahoo Finance
By adopting Ethereum as a primary treasury asset, SharpLink is following a strategy similar to MicroStrategy’s approach with Bitcoin. This could inspire other corporate treasuries to consider blockchain-based assets for reserves and draw broader institutional interest to Ethereum.
As we wrote, Vitalik Buterin warns of digital fragility, touts Ethereum as lifeline
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