SharpLink announced that it will close a $425 million private placement to include Ethereum in its vault strategy

PANews
PANews
ETH+1.28%

PANews reported on May 27 that, according to GlobeNewswire, SharpLink Gaming announced that it would close a private placement of about $425 million, with Consensys as the lead investor, and the transaction is expected to close on May 29. The funds raised will be used to purchase Ethereum (ETH) and establish ETH as the company's main reserve asset. Joseph Lubin, founder of Consensys and co-founder of Ethereum, will serve as chairman of the company's board of directors. This move marks the expansion of SharpLink's business into the field of on-chain asset allocation, strengthening its strategic layout in the Web3 and iGaming markets.

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