Ethereum Becomes Treasury Asset as SharpLink Follows the “Strategy” Playbook
SharpLink Gaming, a publicly traded online gambling marketing firm, has raised a whopping $425 million in a private investment round to establish an Ethereum treasury—marking one of the boldest crypto treasury plays of 2025. The company’s stock (SBET) exploded 420% on Tuesday, hitting $35 after climbing as high as $53.45 during trading. The raise was led by Consensys, with heavy hitters like Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital jumping in. In total, the group bought 69.1 million shares at $6.15 each, as per the company’s official announcement
Consensys Co-Founder Joseph Lubin Joins the Board
The Ethereum connection runs deep: Joseph Lubin, co-founder of Ethereum and CEO of Consensys, will join SharpLink as chairman of the board once the deal closes on May 29. That move adds massive legitimacy to SharpLink’s new direction and positions it as a flagship Ethereum-aligned public company.
Neither SharpLink nor Consensys disclosed how much Ethereum will be purchased or how quickly. However, Consensys said it would not comment until the deal closes.
SharpLink Mirrors the Strategy Blueprint—Joins the Crypto Treasury Trend
SharpLink is the latest in a wave of companies emulating Michael Saylor’s Strategy (formerly MicroStrategy), which famously accumulated over $64 billion worth of Bitcoin and inspired corporate crypto treasury moves across the globe.
Joining the trend, other firms like Semler Scientific, Metaplanet, and Spirit (which calls itself the “Strategy of Dogecoin”) have started aggressive accumulation of BTC, SOL, and DOGE.
In recent months:
- Upexi and DeFi Development Corp. raised millions to stack Solana
- Metaplanet became Japan’s Bitcoin poster child
- Now, SharpLink is Ethereum’s new corporate front-runner
Ethereum Price Rallies as Confidence Returns
SharpLink’s bold treasury strategy comes as Ethereum rebounds from its earlier 2024 slump. ETH is currently trading at around $2,700, up 6% on the day and 50% this past month, although still down 31% over the past year. While Ethereum has wrestled with identity issues and leadership shifts at the Ethereum Foundation, investor confidence appears to be returning, especially with institutions getting involved.
This treasury strategy is likely to further reinforce ETH’s status as a long-term investment-grade asset alongside Bitcoin.
SharpLink’s Pivot Signals Institutional Confidence in Ethereum
The move by SharpLink—a Nasdaq-listed, regulated entity—to allocate such a massive amount toward Ethereum signals something deeper: ETH is finally getting institutional validation. If this trend continues, Ethereum could become the second-most dominant treasury asset next to Bitcoin across publicly traded firms.
