The Minneapolis-based firm, founded in 1995, is currently trading at $34.45, up from $7 Friday, with a market cap now of $23 million.
Shares of sports marketing company SharpLink (SBET) rose 412% on Tuesday after it announced plans to create an Ethereum treasury and secure a $425 million PIPE offering.
The Minneapolis-based firm, founded in 1995, is currently trading at $34.45, up from $7 Friday, with a market cap now of $23 million.
The company is planning to use the proceeds of the PIPE offering to purchase ether, which will then serve as the primary treasury reserve asset.
Further, the firm announced that Consensys will be the lead investor in the PIPE offering, which is expected to close on May 29th. Pantera Capital, Galaxy Digital, and Ondo are also participating in the offering.
The company's stock price has shot up considerably since Friday, largely due to rumors circulating online regarding a potential crypto move by the company.
SharpLink joins an increasing number of microcap companies trying to mimic the success of Strategy (MSTR), the first company to adopt a bitcoin treasury strategy back in 2019.
Along those lines, Trump Media & Technology Group (DJT) Tuesday morning announced a $2.5 billion capital raise to begin a bitcoin treasury strategy.
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