November 17 2025
SharpLink Gaming has announced plans to create a $425 million Ethereum (ETH) treasury led by Joseph Lubin, CEO of Consensys and co-founder of Ethereum. The announcement was made on May 27.
The sports betting technology company has entered into agreements to purchase securities as part of a private investment in public equity. SharpLink will issue 69,1 million shares at a price of $6,15 per share, or $6,72 for management participation.
The expected closing on May 29 is estimated to generate gross proceeds of approximately $425 million, excluding expenses. Additionally, SharpLink has indicated that the ETH reserve will exist alongside its operational activities and will not replace them.
Consensys serves as the lead investor and is backed by crypto-focused funds such as ParaFi Capital, Electric Capital, Pantera Capital and Galaxy Digital. CEO Rob Phythian and CFO Robert DeLucia also contributed to this investment.
The company intends to convert all proceeds into ETH and treat these assets as a primary treasury reserve asset, while monitoring working capital needs. Additionally, Lubin will join SharpLink’s board of directors and advise on the treasury program and key business initiatives. He described the partnership as an “opportunity to bring the Ethereum story to the public markets” and emphasized that Consensys will provide strategic advice following the buildout of the treasury.
SharpLink has not shared any details about a purchase schedule or staking provider.
Eric Conner, former Ethereum core developer, described the plan as an “ETH edition” of Strategy's Bitcoin (BTC) strategy in a social media post on May 27. He outlined a cycle where SharpLink raises money below its net asset value, buys and stakes ETH, and then sells new shares when the stock price is above the value of ETH per share.
Conner estimated that this approach would result in a long-term staking of ETH and create a proxy for the public market for investors who can’t hold tokens directly. He points to key considerations for traders, including the premium to ETH’s net asset value, the potential for additional offerings if a premium occurs, and the likelihood of other micro-cap companies replicating this model.
Conner characterized the supply squeeze and a simple stock wrapper as “bullish” for Ether’s adoption on corporate balance sheets. According to data from CryptoSlate, Ethereum was trading at $2.564,72 at the time of publication, up 4,5% on the day and ahead of the average gains of other major altcoins.
At the time of publication, 22:34 UTC on May 27, 2025, Bitcoin held the first position with a market cap of $2,17 trillion, down 0,15% in the past 24 hours. The trading volume was $56,43 billion. The total crypto market was worth $3,45 trillion, with a trading volume of $130,64 billion. Bitcoin’s dominance currently stood at 62,93%.
Ethereum ranked second with a market cap of $322,22 billion and a price increase of 4,15% over the past 24 hours, resulting in a trading volume of $25,72 billion.
How Much Ethereum Will SharpLink Hold in Its Treasury?
SharpLink has announced that it will convert all proceeds from its $425 million share sale into Ethereum and consider it its primary treasury reserve asset.
What is Joseph Lubin's role in this project?
Joseph Lubin will join SharpLink's board of directors and advise on the treasury program and key corporate events, with the goal of bringing Ethereum to the public markets.
What are the benefits of the proposed strategy for investors?
The strategy offers investors the opportunity to benefit from the appreciation of ETH without directly holding it, by using a public share structure that reflects the value of ETH.
SharpLink Gaming’s strategic approach to Ethereum promises to not only integrate the value of digital assets into traditional corporate structures, but also offers an innovative way for investors to get involved in the crypto space through public investments. This marks an interesting development in the evolution of the crypto markets.
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
