SharpLink Secures $425M Investment, Will Hold ETH as Primary Treasury Asset
SharpLink Gaming, Inc. (NASDAQ:SBET) disclosed a noteworthy $425 million private placement through a PIPE offering on May 27, selling roughly 69.1 million shares at a price of $6.15 per share. The investment is led by Consensys Software and includes well-known cryptocurrency venture capital firms, such as Pantera Capital, Electric Capital, and ParaFi Capital.
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The company intends to purchase Ethereum (ETH) as its main treasury reserve asset with the money raised. Joseph Lubin, co-founder of Ethereum and CEO of Consensys, will assume the role of chairman of SharpLink's board upon the closing of the offering, which is anticipated to occur on May 29.
This move effectively creates a new investment thesis for the stock as an Ethereum proxy on public markets, despite the company stating that it will continue its primary business of serving the sports betting and iGaming industries. That said, in contrast to other companies that have taken the same route, SharpLink Gaming, Inc. (NASDAQ:SBET) seems to have gathered support from insiders in the ETH landscape, which raises the possibility of further strategic advancements beyond merely holding ETH in its treasury.
While we acknowledge the potential of SBET to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SBET and that has 100x upside potential, check out our report about the cheapest AI stock.
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