SharpLink Gaming Announces $425,000,000 Private Placement to Initiate Ethereum Treasury Strategy

SharpLink Gaming Inc. announced that it has entered into securities purchase agreements for a private investment in public equity (PIPE) for the purchase and sale of 69,100,313 shares of common stock (or common stock equivalents in lieu thereof) at a price of $6.15 per share ($6.72 per share for certain members of the Company’s management team), for expected aggregate gross proceeds of approximately $425,000,000, before deducting placement agent fees and other offering expenses.

Consensys Software Inc. 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.

A.G.P./Alliance Global Partners is acting as the sole placement agent in connection with the offering.

“This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business. On closing, we look forward to working with Consensys and welcoming Joseph to the Board,” said Rob Phythian, Founder and CEO of SharpLink.

“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. This is an exciting time for the Ethereum community, and I am delighted to work with Rob and the team to bring the Ethereum opportunity to public markets,” said Joseph Lubin, Founder and CEO of Consensys and Co-Founder of Ethereum.