SharpLink Gaming, Inc. (SBET) soared over 500% on Tuesday morning after the sportsbooks and online casino gaming operator announced a $425 million private placement to initiate an Ethereum Treasury strategy.
SBET is currently trading at $42.64, up $35.92 or 534.52%, on a huge volume of 44 million shares, above the average volume of 234 thousand, on the Nasdaq. The stock opened its trading at $33.93 after closing Friday at $6.72. The stock has traded between $2.28 and $53.45 in the past 52-week period.
SharpLink Gaming enters into securities purchase agreements for a private investment in public equity (PIPE) for the purchase and sale of 69 million shares at $6.15 per share, for proceeds of about $425 million.
Consensys Software acted as the lead investor, and the offering included participation by prominent crypto venture capital firms and infrastructure providers such as ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere, Primitive Ventures, and Republic Digital among others including Rob Phythian, SharpLink's CEO, and Robert DeLucia, SharpLink's CFO.
The closing of the offering is expected to occur on or about May 29, 2025, subject to the satisfaction of customary closing conditions.
The company intends to use the funds to acquire the native cryptocurrency of the Ethereum blockchain commonly referred to as "ETH" pending identification of working capital needs and other general corporate purposes. ETH will serve as the Company's primary treasury reserve asset.
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