TechFlow news, May 27 — According to GlobeNewswire, sports betting operator SharpLink Gaming, Inc. (Nasdaq: SBET) today announced the signing of a securities purchase agreement for a $425 million private investment in public equity (PIPE). The company plans to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share ($6.72 per share for members of the company's management team).
The round is led by Consensys Software Inc. as the primary investor, with participation from prominent crypto venture capital firms including ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy Digital. The transaction is expected to close on May 29.
SharpLink intends to use the proceeds to purchase Ethereum (ETH) as its primary treasury reserve asset. Upon completion of the transaction, Joseph Lubin, co-founder of Ethereum and founder & CEO of Consensys, will become Chairman of SharpLink’s Board of Directors and serve as a strategic advisor to support the development of the company’s core business.
