SharpLink Gaming Stock Soars Over 500% This Week On Ethereum Treasury Move
SharpLink Gaming Inc's stock surged 569% this week, with a 51.8% increase to $44.28 on Thursday, following the announcement of a $425 million private placement to adopt Ethereum as its primary treasury reserve asset. The company will issue approximately 69 million shares at $6.15 each to prominent crypto investors, including Consensys and Pantera Capital. CEO Rob Phythian described the move as a significant milestone, while Consensys CEO Joseph Lubin emphasized its potential for Ethereum adoption in public markets. The deal is expected to close by May 29 and will fund ETH purchases and corporate needs.
Shares of SharpLink Gaming Inc SBET surged 51.8% to $44.28 during Thursday’s session, adding to a staggering 569% gain for the week after the company announced a $425 million private placement to adopt Ethereum as its primary treasury reserve asset.
What To Know: The Minneapolis-based sports betting and iGaming firm will issue approximately 69 million shares at $6.15 each to a group of prominent crypto investors, including Consensys, Pantera Capital and Galaxy Digital. Consensys CEO and Ethereum co-founder Joseph Lubin will also join SharpLink's board as chairman, signaling deep blockchain alignment.
Proceeds from the deal, expected to close by May 29, will be used to purchase ETH and fund general corporate needs. The move marks one of the largest treasury commitments to Ethereum by a publicly traded U.S. company.
"This is a significant milestone in SharpLink's journey," said CEO Rob Phythian.
Lubin added that the partnership brings a "landmark opportunity" for Ethereum adoption in public markets, enhancing both financial strategy and innovation.
Read Also: AMD Stock Rises On Nvidia’s Blowout Quarter And AI Momentum
How To Buy SBET Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in SharpLink Gaming’s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
Image: Shutterstock
