The fundraising is expected to close on May 29, subject to the fulfilment of certain customary closing conditions.
SharpLink Gaming, Inc. (NASDAQ: SBET), a sports betting and iGaming company publicly traded on the Nasdaq has secured $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.
The company's shares closed Friday's session at $5.78, having fallen 11% over the past three months.
The round was led by Consensys Software 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.
Upon the closing of the PIPE offering, SharpLink plans to use the net proceeds to fund certain working capital needs and to invest in the native token of the Ethereum blockchain (ETH), which will serve as the company's primary treasury reserve asset.
Commenting on the announcement, Founder and CEO of SharpLink, Rob Phythian said the fundraising expands the company's capabilities beyond its core business.
"We are pleased to welcome the Consensys team as lead investor in this PIPE offering. This fundraising expands SharpLink’s capabilities as we identify opportunities to diversify and invest in Web3 technologies and assets that align with our long-term strategy.
"We look forward to Consensys’ partnership in exploring and developing an Ethereum Treasury Strategy and to them engaging with us in our 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,” added Founder and CEO of Consensys and Co-Founder of Ethereum, Joseph Lubin.
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