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.
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