Gate News bot news, sports marketing company Sharplink Gaming Inc (SBET) stock price rose 433.18% on Tuesday, after the company announced plans to develop an Ethereum treasury strategy with the participation of Ethereum co-founder Joseph Lubin.
The company was founded in 1995, and its current stock price is $35.83, significantly higher than Friday’s $7, with a market capitalization of $25 million.
SharpLink raised approximately $425 million through a private equity investment public offering (PIPE). The proceeds will be used to purchase Ether, which will become its primary reserve asset.
Ethereum software developer Consensys (also co-founded by Lubin) is the lead investor, with other investors including Pantera Capital, Galaxy Digital, and some smaller companies like Ondo.
The issuance is expected to end on May 29. Lubin will serve as the chairman of the board after the issuance ends.
Source: CoinDesk
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