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Quick take:
The fundraising was structured as a private investment in public equity with the company selling 69,100,313 shares of common stock.
The fundraising is expected to close on May 29, subject to the fulfilment of certain customary closing conditions.
The company will use the capital to buy the native token of the Ethereum blockchain (ETH) after identifying working capital needs.
SharpLink Gaming, Inc. (NASDAQ: SBET), a sports betting and iGaming company publicly traded on the Nasdaq has raised $425 million in private investment in public equity (PIPE) offering, that saw the company sell 69,100,313 shares of common stock for $6.15 per share ($6.72 per share for certain members of the Company’s management team), to establish an Ethereum treasury.
Consensys Software led the round with participation from 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.
The fundraising is expected to close on May 29, subject to the fulfilment of certain customary closing conditions. The company will use the capital to buy the native token of the Ethereum blockchain (ETH) after identifying working capital needs. ETH will serve as the company’s primary treasury reserve asset.
Commenting on the announcement, Rob Phythian, Founder and CEO of SharpLink said the fundraising marks a significant milestone in SharpLink’s journey, as it paves the way for the company to expand beyond its core business.
“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 Joseph Lubin, Founder and CEO of Consensys and Co-Founder of Ethereum. 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.”
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