SharpLink Gaming secured a $425 million private placement to hold Ethereum as its main treasury reserve asset, making it the largest public ETH holder globally.
Joseph Lubin, Ethereum co-founder and Consensys CEO, joined SharpLink's board after the $425 million treasury funding.
SharpLink's Ethereum treasury will include DeFi and staking, marking a Nasdaq-listed first and reflecting a growing trend of companies diversifying into digital assets.
SharpLink's shares experienced high volatility following the treasury announcement, dropping over 38% on Monday despite the company's strategic shift towards Ethereum.