Sharplink secures $ 425 million, ETH will hold as primary cash i.e.

Sharplink Gaming, Inc. (Nasdaq: Sbet) revealed a private placement of $ 425 million remarkable thanks to a pipe offer on May 27, selling around 69.1 million shares at a price of $ 6.15 per share. The investment is led by Consensy software and includes well-known companies in cryptocurrency venture capital, such as Pantera Capital, Electric Capital and Parafi Capital.

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The company intends to buy Ethereum (ETH) as the Treasury Reserve Actors with the money collected. Joseph Lubin, co-founder of Ethereum and CEO of Consensys, will assume the role of chairman of the board of directors of Sharplink at the end of the offer, which should occur on May 29.

This decision effectively creates a new investment thesis for action as proxy Ethereum on public procurement, despite the company which indicates that it will continue its main service activities of sports betting and Igaming industries. That said, unlike other companies that have taken the same road, Sharplink Gaming, Inc. (Nasdaq: Sbet) seems to have collected the support of initiates in the ETH landscape, which raises the possibility of new strategic advances beyond the simple ETH hold in its treasure.

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