SharpLink Gaming Launches Ethereum Treasury, Names Ethereum Co-Founder Joe Lubin as Board Chair
SharpLink Gaming, a Nasdaq-listed sports betting technology firm, has unveiled a bold pivot into digital assets by launching a corporate Ethereum (ETH) treasury strategy and appointing Joseph Lubin, co-founder of Ethereum and CEO of Consensys, as the chairman of its board of directors.
The company made the announcement on May 27, coinciding with news of a $425 million private equity investment led by a consortium of high-profile crypto-focused investors, including Consensys, which confirmed its participation.
“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and to work with them in their core business as a strategic advisor,” said Lubin in a statement.
Deal Details and Market Reaction
The $425 million deal, structured as a private investment in public equity (PIPE), is set to close around May 29, pending standard closing conditions. The investment is intended to fund SharpLink’s Ethereum treasury and support broader corporate operations.
Following the announcement, SharpLink’s stock (SBET) surged nearly 400%, trading around $33.50, up from under $7 the day prior.
Who’s Backing the Deal?
In addition to Consensys, the investment round features several well-known Web3 venture firms:
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Pantera Capital
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Galaxy Digital
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Arrington Capital
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ParaFi Capital
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Electric Capital
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GSR
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White Star Capital
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Hivemind Capital
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Ondo
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Hypersphere Ventures
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Primitive Ventures
SharpLink CEO Rob Phythian and CFO Robert DeLucia also participated in the investment.
The company stated that Ethereum will serve as its primary reserve asset, signaling a strategic commitment to the Ethereum ecosystem.
The Trend Toward Crypto Treasuries
While corporate crypto treasuries are increasingly common, most have focused on Bitcoin. SharpLink’s move marks a rare large-scale shift into Ethereum.
Other Ethereum treasury adopters have included:
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KPMG Canada, which added ETH and BTC to its balance sheet in 2022
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Boyaa Interactive, which briefly held ETH before reallocating to Bitcoin
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Reddit, which acquired and later sold off a mix of BTC and ETH
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BTCS, which announced a $57.8 million deal this month to buy ETH
Unlike these previous ventures, SharpLink is positioning Ether as a long-term reserve asset, suggesting a broader institutional shift toward viewing Ethereum not just as a utility asset, but as a strategic store of value.
What’s Next?
If the deal closes as expected, SharpLink will become one of the largest corporate ETH holders and a potential trendsetter for companies looking beyond Bitcoin for digital reserve strategies.
As Ethereum’s ecosystem expands through use cases in DeFi, NFTs, and Web3 infrastructure, SharpLink’s move could inspire more firms to diversify their crypto reserves.
